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The recent and seemingly unreasonable another collapse of the cryptocurrency market inspires strong fears to investors and keeps traders in suspense. Recently, a slow slide in the leading digital asset has been recorded, which led to its collapse. Thus, experts are trying to figure out the reasons for what is happening.
Currently, the volume of the cryptocurrency market decline has reached 15%. Analysts fear that at this pace, another "bubble" explosion will occur. However, the headache of the current moment is a serious collapse of the MTC quotes.
On Wednesday, September 25, after a long stay near $ 10,000, Bitcoin dropped to $ 8,500. In the future, cryptocurrency No. 1 continued to decline. In just an hour, BTC hit $ 1300, breaking July minimums, and soon reached $ 8100. The decline over Tuesday was about 12%, analysts emphasize. After some time, Bitcoin broke through the boundary of the downward triangle at $ 9500, horizontal support at $ 9400 and key moving averages. In the future, experts do not exclude the possibility of a decline in the region of $ 5000 or even lower.
On Thursday, September 26, the leading virtual asset is being traded sideways with support at around $ 8,230. Yesterday, buyers were not able to restore the price of MTC to acceptable levels. By Wednesday evening, Bitcoin was near the resistance level of $ 8500. Market participants believe that the decline in the region of $ 8000 will resume during the day.
Forecasts regarding the further dynamics of Bitcoin look contradictory: someone is counting on its rise, but most experts are inclined to fall. According to a number of market players, a negative trend will dominate the cryptocurrency market in the coming days. Some speculate that BTC will test the $ 7,500 level. At this level, cryptocurrency No. 1 will receive support and strengthen its position.
Analysts find it difficult to explain the sudden rapid collapse of bitcoin. One of the factors affecting the weakening activity of miners could be the increase in repression in China in relation to enterprises engaged in the production of military-technical cooperation. Earlier, the authorities of the Celestial Empire confirmed information about a possible limitation of the activities of mining enterprises in the country, attracting impressive amounts of computing power due to favorable prices for electricity.
Another reason for the collapse of Bitcoin, experts believe the launch of the Bakkt cryptocurrency platform. Contrary to the opinion of some experts, this project could not positively affect the BTC course, but, on the contrary, weakened it. The collapse of the leading digital asset is associated with the "buy by rumor, sell on the news" approach in the context of launching Bakkt deliverable futures. Therefore, it is possible that investors missed the massive growth of bitcoin after the launch of the project. However, realizing that the price of it was too high, they began to get rid of the asset.
Another reason for the collapse of the military-technical cooperation is the sharp decrease in bitcoin hash on Monday, which exceeded 30% in one day. The hash rate fell from 98 EH / s to 67.7 EH / s. This indicator is subject to sharp fluctuations from time to time, however, the latest collapse is the largest in recent network history.
One of the most fantastic versions put forward by experts is the opinion that world elites conduct an experiment and test the currencies of the future in the current realities. Nevertheless, many experts are sure that over time, cryptocurrencies will occupy an important place in the world of finance.
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