Nataly Kambur
It seems like the time fo relative stability is now over for the global market of crypto currencies. Today's market behavior is making international investor really worried about their crypto investments. In particular, Bitcoin has recently been suffering from considerable market moves, which started earlier yesterday. The day before, Bitcoin used to cost over $6300. Now it is trading around $5600, which is a considerable decline over the past 24 hours. It used to be even lower - at $5350.
At this point, it's still unclear why the world's first and biggest digital currency made such a big move down to set new local lows. For now, some representatives of the international expert community assume that this market crash may well have to do with the fact that Binance (a major crypto exchange) is facing major technical problems again. Others say that the CBOE's recent news release may well have affected the BTC exchange rate. So, the downtrend is now confirmed.
The bulls used to defend the $6000 threshold for a couple of weeks. THis is why a break below this psychological price level resulted in an even stronger sellout.
As for Ethereum (ETH) and Bitcoin Cash (BCH), the damage happens to be even more considerable. They've lost over 13% of their value over the last couple of days.
From the technical standpoint, the bigger picture indicates that another major level of support may well be $3500, which once used to be the level for consolidating. Some experts start saying that this is the ned of cryptocurrencies. They assume that international traders and investors have been really disappointed with the true prospects of those assets and have been reducing their exposer to them, which has been triggering further sellouts, followed by a steadly downtrend in the market of crypto currencies.
This is happening amid crypto futures getting increasingly popular worldwide. CBOE Global Markets offers BTC futures. Not so long ago, some of those futures expired, thereby adding some fuel to the fire.
In the meantime, there is another major reason why the SEC has been pressing the market. Moreover, they say that the SEC's potential actions against cryptocurrencies may have affected the situation and triggered the downtrend. If that's really the case, the market is yet to see a further move down to new major lows, FxPro experts report.
FxPro is a major Forex broker headquartered in the UK. Apart from trading currencies, you can trade CFDs, stocks, futures and some other financial assets as an FxPro client. By the way, FxPro is recommended by Masterforex-V Academy as one of the most trusted FX brokers out there.
Nataly Kambur
