Cryptocurrency Market Takes a Beating Since Bitcoin Has Dropped From $7,900 to $6,600

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The valuation of the whole cryptocurrency market has declined to $253 billion, down $100 billion over the previous week. The price of most significant cryptocurrencies including bitcoin, Ethereum, Ripple, and Bitcoin Cash dropped by in excess of 13% all through March 30.

In the course of the past 24 hours, the price of bitcoin dropped from $7,900 to $6,600, recording a 12.6% decrease in value. Ethereum, Ripple, and Bitcoin Cash all declined by in excess of 12%, as the market lost over $40 billion in a two-day period.

Both bitcoin and the cryptocurrency market have not seen these levels since early February when the cost of bitcoin plunged to $6,000. In the wake of achieving its bottom at $6,000, the price of bitcoin rose to $12,000, achieving $14,000 in regions with considerable premiums, including South Korea and Hong Kong.

In spite of the fact that bitcoin has demonstrated some resistance at the $6,600 mark, it has likewise exhibited minimal signs of recovery. Volumes on most exchanges including Binance, Bitfinex, Bithumb, Bitflyer, and Upbit remain rather low, however, the volumes on futures markets are intensifying, as CCN already announced.

A few analysts including Wall Street-based Fundstrat’s Tom Lee have expressed that bitcoin is still on track to end the year at $20,000, particularly if the market can start a mid-term recuperation inside the upcoming months.

Abra CEO Bill Barhydt expressed that while the demand towards the cryptocurrency market has been non-existent from institutional investors and retailer traders in the west, that unquestionably has not been the situation in Asia.

“There really is zero large-scale institutional money from the west in crypto right now. That is happening in Japan. Once a large sizable chunk of Western institutional money starts to come in — watch out,” said Barhydt.

Barhydt expressed that hedge funds, institutional investors, and investment firms are still currently investigating the cryptocurrency market, and exploring ways to enter the market. He emphasized that hedge funds will probably observe a window of chance to go into the cryptocurrency market when the market settles and extreme volatility of bitcoin and other major digital currencies die down.

 

Reference Link:

https://www.ccn.com/bitcoin-drops-from-7900-to-6600-as-cryptocurrency-market-takes-a-beating/