Analyze the facts: what was the main reason for the fall of Bitcoin?
Source:
The Collapse of the stock market in mid-November may not be as «unusual» as it seems at first glance. According to analysts BitMEX, Bitcoin drain has nothing to do with the negative fundamental factors. Last month also saw another interesting incident — major miners poured huge quantities of BTC at market price for «war of harratov» between the fork Bitcoin Cash.
thedropped Why Bitcoin
According to the Boltzmann services, a huge amount of BTC was sold on November 12, three days before hard forks of Bitcoin Cash. The frequency of sales of ordinary cryptocurrency miners fell sharply below the average value in three months.
However, analysts BitMEX has a different opinion. They claim to pay attention to hardwork Bitcoin Cash is not worth it, as it has nothing to do with the fall of prices of the main cryptocurrency. And even more it has nothing to do with the alleged major selling BTC one of the miners.
Expert New York Venture Firm Chris Burniske also agree with this idea. He cited the example of user activity of the Bitcoin network (number of transactions per day). From January 2018, this figure dropped to 41 percent, while the price of bitcoin has fallen by 81 percent over the same period.
image Source — Bitcoinist
Even during the bear market of the Bitcoin used often enough, it transferred more than a billion dollars a day. Thus in dollar terms, now this figure is 74 percent lower than in January 2018. Therefore, the primary analyst eToro's Mati Greenspan supported the point of view Burniske. Earlier, he also stated that the fall of the stock market due to technical, not fundamental analysis.
The recent market selloff is not justified by fundamentals.
According to , network usage remains solid & coins are oversold in comparison.
This supports our assessment that recent volatility is driven by technical factors.
Not trading advice
— Mati Greenspan (@MatiGreenspan)
Today, Bitcoin is trading at $ 3400. Daily trading volume exceeds $ 4.6 billion.
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