The Price Of Bitcoin Fells Below $40,000, Resulted In An Overall Downfall In The Crypto Economy By 17%!
On the 19th of May, the market of cryptocurrency stays to fell in value. The whole crypto-economy has been decreased up to 17% in total, which is below the level of $2trillion of its mark. The currency cryptocurrency economy is at the value of $1.801 trillion. As we all know that bitcoin is one of the biggest and leading cryptocurrencies; if we see it in the standings of the market capitalization has moved to its high of $40770. But the shocking thing is that just a few hours ago, after hitting this rate, the bitcoin value started to fell, and it rested on $36250 after dropping more than 11%.
There is no hidden fact that bitcoin has lost lots of its value in the past few days, and due to the drop in the price of bitcoin, some other cryptocurrencies have also lost their value. The whole cryptocurrency economy drops more than 17% in the last 24 hours, and it rests on the value of the 2 trillion dollars range and precisely on the 1.802 trillion dollars range. For getting the precise knowledge of bitcoin trading you can access bitcoin transactions.
Ethereum, which is the second biggest cryptocurrency according to the market capitalization, has also shed about 23% in the last day and overall, 26% in this week. Ethereum is at present on the value of $2545, but the thing is that the Ethereum market capital still has the command of almost 18% of the cryptocurrency economy.
When the price of bitcoin fell to a considerable extent, then a lot of cryptanalysts and executives gave their points of views regarding this fall. Monark Modi, who is the founder and the CEO of Bitex company, says that this is the moment where there is high profit-taking in the market and harmful air as well. The volatility in the value of bitcoin has been seen for many days now, and the most significant drop from the highest peak of $63000 to $40000 was expected, according to Modi.
Some of the other factors which led to the drop of bitcoin include the renversement of the decision by tesla company to accept the bitcoin payments. The bans imposed on the use of bitcoin by china has also resulted in the fall in the value of bitcoin. In India also some of the investors are facing issues in making deposits or withdrawal of bitcoin. There are some rumours also that the financial institution of India is going to restrict the transaction carried through the bitcoins.
$250 billion were swept out from the bitcoin market in the last week!
The executive director of the crypto hedge fund ARK36, Ulrik Lykke, has also spoken about the dropping of the bitcoin price to less than the value of $40000. He said that the crypto markets are presently processing from the force of the news, which is responsible for fueling the tolerate circumstance for the development of price.
As we all know that in the last week, almost more than 250 billion dollars were swept out from the market of bitcoin only. If we see in the complete terms, then this number might seem to us as planetary. Well, in percentage terms, these kind of moves in the market are widespread, and we have experienced these types of volatility in the price of bitcoin earlier also.
If we see the social media, then on Twitter, the #crytptrading was trending on Wednesday, and it has more than thousands of tweets regarding this hashtag. Some of the participants in this hashtag trend had also uploaded the images of before and after in which they were rich earlier, but now they are poor.
According to Ruud Feltkamp, which is the CEO of a crypto trading bot cryptographer, the sell-off of bitcoin in the current situation was highly expected. He added that we have seen that the bitcoin price and activities start to decline by the month of May, and then it starts to increase again in the month of September. So, the bitcoin price drop is an excellent opportunity for the people who are trading these altcoins. You will be amazed to know that if this situation is similar to that of the year 2017, then we should expect that the price of bitcoin is going to rise at its peak high by the end of this year.