As a result of the market lull that lasted for 36 hours, crypto assets, in the last 24 hours began to fall. This continual movement has led to the fall in cryptos’ aggregate value by $10 billion.
Importantly, unlike the moves experienced by the crypto market all through November, the downturn seen on Monday was backed by a very little volume (just $14 billion), which is far from that experienced on 24th November (approximately $21 billion).
Bitcoin (BTC) Price Today – BTC / USD
As noted recently by Crypto Dog (a prominent analyst), Bitcoin (BTC) has found itself at relevant crossroads. Recently, the trader claimed that if Bitcoin may face more drop and less chop if it fails to close above $3900. In the same vein, if BTC succeeds in holding the key level, may experience in the near future, “more chop, less drop,” until a bearish/bullish breakout finally happens.
Although, lots of investors are really troubled about this recent move, Danny Scott (CEO of CoinCorner) told MarketWatch that the recent tumult of Bitcoin coupled with the decline of 2018, is nothing to worry about. He said:
“If we look back over bitcoin’s short 10-year history, it has experienced many price fluctuations — something that is to be expected given that the industry is still very young. There have been a number of sizeable price movements over the years which have typically gone unnoticed by anyone except those within the industry… In 2013 we saw the price drop 49.88% in just 14 days, which is a bigger drop than the one we have experienced over these last two weeks.”
Of course, this statement definitely indicates the continual belief of Scott in Bitcoin, despite its troubling price movement.
However, with the recent difficulty adjustment of the Bitcoin Network, which led to the reduction in the break-even cost of BTC mining, it seems lower lows might happen. But then, Digital Currency Group’s Barry Silbert among others, do not believe that a crypto’s value can be affected directly by mining.