On 24th Nov, Bitcoin, the most popular currency in the cryptosphere, has dropped its price level at around $7,000. As per CoinDesk data, presently, it is trading at $6,924. After the announcement made by Robert O’Brien, US National Security Advisor, that Donald Trump would not ignore Hong Kong’s ongoing crisis, the fall in the digital asset world likely came due to this.
CEO of crypto hedge fund manager BitBull Capital, Joe DiPasquale, said that Bitcoin’s price remains under pressure, especially as the China-hype-driven speculative surge undone. He also said that the recent China-Binanace FUD also reduced market sentiments significantly.
This is considered as a possibility to complicate the efforts made by Washington and Beijing to end the continuing trade war that is presently supporting global economic growth forecasts.
The downfall in Bitcoin’s price is the lowest in more than six months. From its recent high in October ie, $10,000, it has fallen more than 35%. And if considered its highest in 2019, ie, $14,000 in June, it has fallen over 50%.
According to a technical analysis done by Jon Pearlstone, publisher of CryptoPatterns, virtual assets may see more downfall. He said that though there are a few key technical indicators that are showing potential for a rise but currently it will go bearish.
While the price of BTC has fallen, there is no sign that capital is moving from the digital currency market to traditional markets. Other major cryptocurrencies such as Ethereum and Ripple have also decreased by 7.38% and 4.29% respectively. The total market cap of all crypto has fallen from a 24-hour high of $201 billion to $190 billion.