Today the cryptocurrency market has witnessed a significant decrease in the Bitcoin (BTC) price.
According to data analyst provider Skio on February 26, more than $ 150 million of Bitcoin has been cleared on the Bitmex trading exchange, the largest amount since the start of the new year. Millions of dollars in long and short deals caused the cryptocurrency to drop to $ 8,580, a decrease of more than 6%.
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Although bitcoin has rebounded slightly to $ 8,813, this could be a tricky refund for cryptocurrencies. The market value dropped around $ 300 an hour on February 16, which makes Bitcoin much less than $ 10,000.
Traders are already preparing for a possible devaluation of their cryptocurrencies to below $ 8,000. This may affect the bitcoin impression before the next titration event, scheduled for the week beginning May 18.
However, some observers are more optimistic. Tom Lee, co-founder of Global Advisors Fenders, expects bitcoin to rise to more than $ 27,000 by this summer based on the 200-day moving average.
The impact of the global economy on the cryptocurrency markets
Many cryptocurrency exchanges and blockchain technology companies have felt the impact of a possible global epidemic of the Coronavirus. As employees of Chinese mining companies were forced to stay indoors or trapped outside cities due to the quarantine.
Regardless of the reason for the recent decline in Bitcoin currencies, this incident serves as a reminder that the cryptocurrency market can be just as fragile as traditional investments. Ripple's price dropped nearly 60% in Bitmix on February 15