The cryptocurrency market has lost more than $ 12 billion from its final mark in the last 24 hours, as the price of Bitcoin “digital gold” has fallen below $ 4,000, Cointelegraph reports.
The main cryptocurrency assets, including Stellar (XLM) and Bitcoin Cash (BCH), on average lost about 6 percent, indicating a lack of positive impulses and tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details activity.
On December 2, at CCN, it was reported that if the price of the dominant cryptocurrency falls below $ 4,000 and does not recover to the range of $ 4,200 to $ 4,400, then a further decline to $ 3,000 is possible.
A technical analyst under the The Crypto Monk pseudonym stated: "(...) if BTC supports a support level of 4,000 dollars in the next 12-24 hours, then a rebound is possible to the range from 4,200 to 4,400 dollars. But, if it falls below $ 4,000, it will bring the course closer to what has already happened before (...) to a sharp drop."
Starting on Sunday, Bitcoin (BTC) has shown a decline in its daily volume from about $ 6 billion to $ 5.2 billion, as its price has fallen. The decline in BTC was as its price fell by almost four percent in the last 12 hours. This indicates that the asset shows low trading momentum, and without additional efforts is unlikely to rise above $ 4,000.
Over the past five days, perhaps due to a meeting between US President Donald Trump and Chinese President Xi Jinping on a potential trade agreement, the Dow Jones Market Index has grown significantly.
From November 27, the Dow Jones Industrial Index increased by 1,065 points. However, while the US market has recovered, the cryptocurrency market continues to demonstrate a lack of strength and volume for a positive development trend.
Alex Kruger, an economist and cryptocurrency analyst, said that Bitcoin does not show any correlation with the S&P 500 and other US markets.
"As of now, Bitcoin is positively correlated with the S&P 500. However, the short-term correlations are unstable and fluctuate around zero, and the correlation for 180 days also keeps at a level close to zero"
Editor: Yulia Krasnaya
See also: "Kucoin introduces credit card payments"