Cryptocurrency

Upheaval In Prices of Cryptocurrency; Bitcoin Crash Continues Unabated

In recent times, financial experts are watching helplessly the news about Bitcoin Crash. Across many Cryptocurrency exchanges, the Bitcoin has dropped to a low of $3,456. Over the past 24 hours, for instance, the currency has depreciated by around 12 percent, despite a low daily volume. The volume has shown a marginal rise to $6.3 Billion Dollars due to relatively large sell orders. The drop in price on November 25 is definitely a sign of worry. Without a formidable sell pressure, the value of Bitcoin dropped quite drastically.

The worry in the minds of Bitcoin users and followers are primarily due to Bitcoin Crash, which has refused to die down in the recent time. In the early November, when the value of Bitcoin fell to around $5000 dollars, the volume of Bitcoin averaged around $8 Billion. While if we look at November 23, when the price of Bitcoin dropped to around $4,100, the volume of Bitcoin was quite low at $1.5 Billion. Bitcoin registered large sell-offs without large orders from the bears. Actually, Cryptocurrency is still in its infancy, with low liquidity and volume. It is necessary for Bitcoin to achieve multi-trillion Dollar market valuation to operate inversely against Global financial markets, TechCrunch reported.

For quite some time now, we can notice the pressure due to Bitcoin Crash among the crypto followers. Just one year ago we never ever expected the kind of crash that we are witnessing at the moment. The situation was just completely the opposite. Today, if we have a look at the markets, we can see that all but 8 of the top 100 cryptocurrency tokens are down for 24 hour period. While there has been a notable fall in the value of Bitcoin, Ethereum is trading just over $111 and Litecoin has fallen below $30 Dollars. The downward trend has been quite consistent for some time now and many are wondering when this is ultimately going to stop, CCN reported.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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