Bitcoin took a deep dive on Wednesday to test the levels last seen in May.
The reference cryptocurrency fell around $566.29 or 7.65 percent in two hours of trading. The price of bitcoin plummeted to a minimum of $7,402.20. Although the price was corrected later, its positive level was overshadowed by the $7,500 support resistance level that indicates an extended bearish action.
The story was similar in other major cryptocurrencies. Ethereum, the second largest cryptocurrency by market capitalization, fell 7 percent, while the third largest XRP fell almost 6 percent. Litecoin, Binance Coin and Bitcoin Cash suffered similar setbacks. In general, the entire capitalization of the cryptocurrency market lost approximately $19 billion in a 24-hour period.
Bitcoin Random dump after the Brexit vote?
The decline in the bitcoin and altcoin markets appeared almost a day after the president of the United Kingdom, Boris Johnson, could secure parliamentary support for the Brexit agreement. However, optimism did not last long, as the House of Commons refused to implement Brexit on October 31 or earlier. As a result, Prime Minister Johnson will not be able to fulfill his populist promise to deliver Brexit earlier than said. Time frame to believe.
The result, in the long term, seems positive for the United Kingdom, indicated by the performance of local actions on Tuesday and Wednesday.
Allianz's chief economic advisor, Mohammed al-Arian, said on Twitter that a good deal to boost global equity could undermine global fundamentals "and" increase the inefficiency of the central bank. "
Mark Zuckerberg's roast in balance
Bitcoin's sharp decline also comes on a day when Facebook co-founder Mark Zuckerberg appears before the US Congress Committee. UU. To answer questions about your Libra payment project. In early June, the cryptocurrency increased more than 50 percent after Tula's announcement. However, it was also abandoned after global parliamentarians and regulators expressed concerns about Facebook's participation in the financial project.
Bitmax clearance
Meanwhile, there are reports of over $250 million settlement of the long position in the controversial exchange of BitMEX crypto derivatives. The effect of this is clearly visible in the bitcoin spot market rates.
"If buyers arenot interested in $7,800 bitcoin. They arn't interested in the price of $7,500," said market analyst Josh Reger. "Your chances fall to $7,200 and less with the support of Confluence. Even after a natural boom, it all comes down to where the large / aggressive buyer interested."
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