Bitcoin Sell Off Continues as Top Cryptocurrency Falls to Bottom of Long-Established Trading Range
Over the course of the past 24 hours, Bitcoin’s value toppled to the bottom of its long-established trading range, following which the currency then settled down near the $6,340 mark. While not unexpected, this latest drop is quite vanilla compared to what many so-called “market experts” had been predicting over the past couple of days.
Many crypto analysts had previously talked about how the longer an alt-coin trades flat, the larger the “proceeding move will be”. This statement can be analogized using the example of a compressed spring, which when released dishes out a lot of force. In this regard, BTC’s most recent drop was when the currency fell from a stable $6,600 to an approximate low of $6,200, before sharply rebounding to $6,800 just over 48 hours later.
More On The Matter
Before Bitcoin’s downward movement started late last night, a market analyst for eToro had mentioned that an inbound price movement was being witnessed because of increased trading activity. He then went on to add that:
“There’s still reason to believe that the breakout we’ve been waiting for may be getting closer rather than further away. A quick look at blockchain’s data confirms that Bitcoin is getting busier lately.”
In addition to this, it is also being said that the recent downward move could have been due to increased selling pressure from the Korean crypto market.
Other Altcoins Feel The Heat Too As BTC’s Value Dips
Along with Bitcoin, a host of other top-10 digital currencies including EOS, BCH, LTC also dropped by around 3%-5% last night. Not only that, even the total market cap of the crypto sector fell from around $210 Bln to $203 Bln. However, when put into context, this latest fall is quite minor and should not affect the long term performance of the altcoin domain.
Last but not least, another factor that could have been behind this latest market drop could be the hacking of Canadian cryptocurrency exchange ‘MapleChange’. Through a post on Twitter, the company announced that over the weekend they had fallen victim to the activities of third party miscreants, who made their way with more than $6 Million (in digital assets) of MapleChange’s money.The firm also announced that it was temporarily shutting down its social media accounts as well as its website till more information could be gathered on the matter.