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Bitcoin began to decline rapidly in value.

November 18, 2018 00:51:01

Bitseven.com - For the past few months bitcoin has been trading between $ 6,300 and $ 6,700. Many analysts thought that the decline of the digital currency, which had begun since the beginning of this year, was finally over. However, on Thursday, Bitcoin began to lose sharply in value. In a matter of hours, he dropped below the "psychological" mark of 5.5 thousand dollars for 1 coin. For a moment, he even overcame the mark of $ 5,300, which has not happened since last October.

As a result, the main global digital asset lost over 10% for the past 24 hours and returned to its annual minimum.

Yesterday another event occurred that adversely affected the entire crypto market. Hash rate in the Bitcoin network has decreased by about 20% due to the fact that the leading Chinese miners have begun to massively turn off electricity. This fact negatively influenced the course of the coin.

Specialists of Exchange BitMEX reported that a massive liquidation of long positions began to occur on their platform. On many platforms, the Bitcoin rate has become lower than the official one. According to experts, such behavior of players may contribute to further lowering the coin in value.

It should be said that other digital currencies began to fall after Bitcoin.

On the morning of November 16, the situation improved slightly. Bitcoin has grown to $ 5,600, but no one risks proposing how it will behave further.


Category: News

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