Experts explained what prospects the main digital coin has in the near future, and why its quotes have declined to a minimum since the beginning of March.
On April 23, the cost of the main cryptocurrency on the Binance crypto exchange dropped to $ 47.5 thousand. At 13:35 Moscow time, bitcoin is trading at $ 49.4 thousand. Over the past day, its price has decreased by 12% (from $ 55.5 thousand). Amid falling quotes, users of crypto exchanges lost $ 3.7 billion, according to the bybt service. In total, positions of almost 600 thousand traders were closed, one of them lost $ 11.3 million.
Why are quotes declining
There are several reasons for the decline in the price of bitcoin, says Nikita Soshnikov, director of the Alfacash cryptocurrency exchange service. Cryptocurrency began to fall in price over the weekend due to messages about the readiness of the US Treasury tighten regulation in this area. Crypto enthusiasts' expectations regarding a direct listing of Coinbase shares on the Nasdaq were not fully met, many were expecting more astounding results, although those that were achieved exceed the reference price from Nasdaq, the expert noted. He also recalled the power outage in the mining provinces of China, which led to a drop in the hashrate of the bitcoin network.
Change in trend
The current decline can be interpreted as a natural transition to the bearish phase of the market, said Vitaly Kirpichev, director of development for the TradingView platform in Russia. The price went below the support level of $ 50 thousand, which was formed by the last significant correction in March, this indicates that the trend is technically starting to break, the expert says.
According to Vitaly Kirpichev, the first signal to change the trend was on April 13, when the bitcoin price surpassed the historical maximum at $ 64.8 thousand, but no further growth followed. Good news is no longer perceived by the market, and any information with a minus sign is sensitively perceived by traders, says the director of development for the TradingView platform in Russia.