The market finds a bottom: the price of bitcoin dropped to $6000

Today, bitcoins dropped to $6000 – most popular cryptocurrency was lost for a day about a quarter of its value, and during the week fell by half.

According to CoinMarketCap, bitcoin today went down by more than 15%, showing a minimum of about $ 6,100. However, on the major USD exchanges he briefly fell below $6000. On Bitfinex local minimum amounted to exactly $6000, Bitstamp is $5920, Coinbase — $5873. After that, the market rolled up and at the time of publication, bitcoin is trading around $6500.

Some experts expect the drop to $5,000.

«We believe that the decline will continue, and the next technical level will be five thousand dollars per unit,» – said a senior market analyst at Centtrip miles Icers.

Other popular cryptocurrencies are also reduced. According to CoinMarketCap, the air has dropped in price by 31.3% – to 580 dollars, Ripple – 26.6% to 0.598 dollar, Bitcoin Cash – at 29.2%, to 800.55 dollar. However, most of the altcoins bitcoin falls even faster. Total market capitalization of cryptocurrencies have shown minimum value of about 279 billion dollars, and before the figure was close to $400 billion. The share of bitcoin in the total capitalization of crypto-currencies increased slightly to 37%.

Depreciation happens on the news negative for the cryptocurrency market developments around the world. So the South Korean news Agency Yonhap News reported that North Korea is trying to hack into the South Korean stock exchange to steal your cryptocurrency. According to the statement of the National Agency of intelligence of the Republic of Korea, the DPRK has stolen cryptocurrency is worth «tens of millions of won».

The governments of several countries will continue to tighten control over the circulation of virtual money. So China’s plan to deny local people access to international trading venues, and in South Korea for cryptocurrency trading exchange is obliged to identify the traders with the help of personal Bank accounts.

According to local sources, the government of India has stated that it does not plan to introduce cryptocurrencies into the existing monetary system. Indian Finance Minister Arun Jaitly said that the government would take any measures to make it impossible to use digital currencies to Fund illegal activities or as replacement of the existing payment system.

Not everything went smoothly for cryptocurrency and the West: some British and American banks have prohibited the use of credit cards, when buying bitcoins. The introduction of such a ban already announced giants such as JPMorgan Chase, Bank of America, Citigroup, Lloyds Banking Group and Virgin Money.

If to summarize all this information, it becomes obvious that the crisis in the cryptocurrency market is growing due to increase in pressure of the banks and regulators, as well as the frustration many investors are counting on continued growth and making a quick speculative profit.

Another important reason for the current decline in bitcoin was a record for recent years, the decline of the U.S. stock market — one session, the major indexes — DJIA, NASDAQ and S&P lost 3-5%, with the result that the dollar rose in almost all asset classes.

However, we should not forget that panic selling is rarely a long and growing cryptocurrency community still believes in the future of bitcoin. Therefore, the number of buyers is significant, and after each wave reduction of positive-minded traders buying cheaper bitcoins. Now the market feels the local bottom, followed by a major correction or fracture of the bearish trend, formed in December last year.

Bears, using negative information wave, can still deliver a strong blow. The strong psychological and technical resistance now is at $5000, the break of which will cover the wave of growth from April 2017 and will strengthen the position of opponents of bitcoin.

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