Cryptocurrency

15/11/18 09:11 UTC-4

Extreme fall of the Cryptocurrency Market: BTC fell below $ 5,500

Bitcoin fell below $ 5,500
Bitcoin fell below $ 5,500

Over the past 24 hours, the cryptographic market has suffered from a devastating price drop. The cryptocurrency sphere lost more than 26 billion dollars, and Bitcoin fell to 5,489 dollars, – according to CNN.

 

Update at the time of November 15, 15:10: The Bitcoin rate (BTC)  fell to a record low of $ 5,390.44 at the Bitstamp crypto-exchange. As a result of today's events, a lower drop in "digital gold" looks very likely.

 

Bitcoin (BTC), which demonstrated a record high level of stability from August to November, recorded a price decline of more than 11 percent over a 12-hour period. The unforeseen decline in prices for BTC led to the fact that other major cryptocurrencies and small market capital assets began to actively decline in price.

Bitcoin Cash (BCH) fell more than 19 percent at one time. During the seven-day period, BCH fell by more than 50 percent against the US dollar and by almost 40 percent against BTC.

The intensity of the sale of cryptocurrency on November 15, due to a sharp drop in the rate, reached its peak. According to experts, such an event will have an extremely negative impact on the further development of events in the crypto-world.

From August to November, BTC volume did not exceed $ 4 billion, except for the first two weeks of the last month of autumn. The tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
volume of Bitcoin remained in the range: from $ 3.1 billion to $ 3.5 billion. This was since the market of cryptocurrency exchange rates showed weak trading activity during a period of low volatilityVolatility
– is a financial term that means a statistical indicator of price change. In the cryptocurrency world, it is used by traders as an indicator for managing financial risks. That is, it is a measure of trade risk and as a financial analytical tool for gambling. Details
.

Before the fall of Bitcoin from $ 6,200 to a low of $ 5,600, DonAlt, a respected cryptocurrency trader and technical analyst, said that BTC looks quite weak:

"BTC looks pretty weak. This is probably the first time when I have not bought it for $ 6,200 for quite a long time. I just don't trust him. It is unlikely to stay forever after such (...) If it breaks, alternative cryptocurrencies will suffer the most." – DonAlt.

During the first two quarters of 2018, tokens and small market assets in the digital market recorded 40 to 80 percent of the losses from the BTC price reduction.

On November 15, more than 20% of altcoins suffered unprecedented losses. Also, it was exactly on November 15 that the cryptocurrency market suffered a record annual loss of approximately 95 to 98 percent: compared with previous years.

Some traders expect the BTC to revise the resistance level at $ 6,000, since this system has been working as support for "digital gold" for more than four months.

"About $ 6,000 would be a very active level. Many expect that the price will still go to this mark. If this does not happen: make sure you have a plan to overcome the panic. This is what I consider in terms of D1 trading. Must use LTF." – CNN.

According to analysts: if the negative trend continues to 2019 from 2018, the cryptocurrency market is likely to decline by the end of the first quarter or second quarter of next year, especially if the launch of the Bakkt Bitcoin futures market will not meet investor expectations.

At the time of November 15 14:00 Bitcoin rate is 5489 USD.

Editor: Yulia Krasnaya

See also: "November 14th is a bad trading day for cryptocurrencies"

#bitcoin #the fall of the course #analytics #traders

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