With Downtrend into the holidays
Bitcoin starts the holidays with a price loss of a whopping 6.5 %. After the enormous bull run of the past few days, the recent slide in the price could be a completely normal correction. However, an important limit is now moving into the focus of investors. We take a look at the current development in crypto space.
Bitcoin slides below the USD 7000 mark
At the time of writing, the BTC is quoted at USD 6813. After falling below the USD 7000 mark, the bears are now attacking an important trend line at USD 6800. Here the Bitcoin failed several times before rising a few days ago. From a bullish perspective, it is to be hoped that this area now represents an equally stubborn support zone. However, should the bears also pulverize this line, a fast fall to $6500 would be quite realistic.
Market Cap below USD 200 bn
Investors are drawing their capital from the crypto-market. This can be seen in the decreasing total market capitalization. In the past 24 hours, it has fallen by over USD 10 billion. This brings the market cap to around USD 194 billion. However, such behaviour before long weekends is not unusual. In the past few days, Bitcoin has shown a higher correlation to the traditional markets, which have been in a correction phase for weeks. On Friday Wall Street and Co. are closed. The focus of investors is now directed towards the opening on Monday.
In the past few hours, Bitcoin has lost nearly 500 USD. After the enormous price gains of the previous days, these figures should initially not worry anyone, if it were not for the high volatility. This acts as a lever on current trends and the bears are taking over the helm at a very unfavorable time. The feedback from the traditional markets will be absent in the coming days and unsettled investors could fall victim to the FUD (fear, uncertainty and doubt). When FUD encounters a highly volatile market, sharp price drops cannot be ruled out. An exciting weekend lies ahead.
Gold before record
Time and again experts see relevant parallels between gold and the No.1 crypto currency. Both are regarded as “safe havens” or crisis-stable stores of value. The precious metal seems to live up to this reputation more than ever in these days. In a rush, the gold price is now racing towards the USD 1700 mark (current rate: approx. USD 1684 per troy ounce). This means that a new 8-year high could even be reached in the coming days. Bitcoin is currently far from similar records. However, the upcoming Bitcoin Halving Event is creating high expectations among users.
Bitcoin SV with Halving No.1
Speaking of Halving! Bitcoin SV successfully completed its first halving in the night to Friday. Now the Coin Rewards for the miners are 6.25 BSV per mined block. After a strong previous day, Bitcoin SV recorded the biggest drop in the top 100 on Friday with a daily minus of about 15%, while Golem conjured the best performance on the crypto-parquet with a price increase of about 14%.