Bitcoin's price literally plummeted, but then it tried to recover. What is going on with the listing?
The price of Bitcoin has returned to attract the attention of the entire market.
The deep swings recently recorded have left you speechless. Just think of yesterday's thud, which forced the listing to burn hundreds of dollars in a matter of hours.
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The collapse in the price of Bitcoin, however, was followed by an evident recovery attempt that did nothing but stimulate market doubts, once again wondering what is happening to the sector's most monitored quotation. The trend of the cryptocurrency over the past week: on the far right of the graph, the thud and the subsequent attempt to recover the digital minting.
Bitcoin Price: What's Going On?
Towards the end of last week, the BTCUSD price took the downward path greeting the $ 8,000 threshold and plummeting again around the $ 6,900. The recovery on that occasion was mild and managed to bring the price of Bitcoin back only around $ 7,300.
Then things got worse again . In the early hours of Monday the cryptocurrency literally plummeted to around $ 6,000. According to a part of the market, the recent losses may have found raison d'etre in the uncertainty present on the markets today, which could have led investors to restructure their portfolios (and therefore their exposure to virtual currencies).
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The latest developments in China are also among the main causes of uncertainty, where the authorities have started a new crackdown on unauthorized exchanges.
After the collapse, however, the price of Bitcoin has tried to recover and yesterday it managed to return at least above $ 7,200 . Even at the time of writing, the quote is moving forward, but it is not clear whether the leap will prove to be lasting.
For Dovey Wan, founding partner of Primitive Crypto, the selling pressure started to be felt already last month. This time, however, this is coming from the so-called spot exchanges and not from the marginal platforms which means, thundered the expert, that people are really selling BTC.
In short, once again, in the formulation of the forecasts on the price of Bitcoin, the market split.
Thanks for taking out your time to read.
