Bitcoin falls below $3500!
January 14, 2019 6:31 am,
All top cryptocurrencies are seeing slight to moderate losses in the last 24 hours Bitcoin’s price has fallen below $3600 again. At press time (CoinTelegraph), BTC is down over 2 percent on the day, trading at around $3568. The current price is lower than the intra-week high of $4109 and is lower than $3869, which is the value of one BTC last week. $5 billion has wiped out of the crypto market, and the major digital assets like ETH recorded a six percent drop against the US Dollar. The 4.8% drop in the combined valuation of all cryptocurrencies in the global market comes after a strong sell off.
On January 12, prior to the three percent drop in the BTC price, a cryptocurrency trader with an online alias “Hsaka” said that BTC was showing a sign of weakness based on its performance from January 11 to 12. Since then the price has declined from over $3700 to $3746, by six percent. One major issue in the performance of the crypto market in the last 48 hours is the low daily trading volume of most crypto assets including BTC and ETH.
A sell-off during a period in which a market is demonstrating a low volume, a free fall without significant sell pressure. The lack of resistance may leave the market vulnerable to an extended drop in short term.
An investor suggested that if the volume of the market fails to recover in the upcoming days, a drop in the price of BTC to the low $3000 region is highly likely given that solid buy walls have established below the $3000 support level on crypto to fiat exchanges. As BTC struggled to show strength in a relatively low price range from $3500 to $3700 other major crypto assets in the likes of ETH, BTC Cash and EOS recorded an 8%, 7.5% and 7% drop against USD.
Even TRON, which experienced large gains against BTC over the past week due to some of the progress its foundation made in integrating a token into the BitTorrent protocol, experienced a double-digit fall on the day. Ripple is down nearly 2 percent, trading at around $0.323. The current price is lower than $0.357, the price at which XRP started the week and notably lower than $0.380. ETH has seen its value decrease by over 6%. ETH is trading at around $118, having started the day around $127. ETH current value is lower than $153.
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