Bitcoin falls below $ 8000 amid global downturn

Bitcoin Holds Near $6,800 During Global Downturn

Bitcoin falls below $ 8000 amid global downturn

Since the evening of March 7, the price of bitcoin has been falling rapidly and since then the coin has lost more than 21% of its value. Analysts cite several reasons at once that could provoke a collapse.

In less than two days, BTC lost almost $ 1200 and at the time of publication is trading at $ 7931, having fallen by 9.05% over the past 24 hours. Altcoins traditionally followed the leader, but most of them lost 10-14%.

Most analysts believe that the decline in traditional markets was the reason for the crash. For example, during the same period, Brent crude oil fell in price by 20%, and the yield of treasury bonds of a number of countries reached the lows of the last few years..

Some experts claim that the cryptocurrency market was additionally influenced by the next large sale of bitcoins, organized by the leaders of the PlusToken scam project. Having analyzed the movement of funds from their wallets, analysts found that on March 5th, 13 of them were transferred to mixing services 000 ВТС in the amount of about $ 210 million, after which the further movement of the coins could not be traced. According to them, since September 2019, PlusToken organizers have been regularly dumping large amounts of bitcoins to the market after large price spikes..

The decline in the market can also be facilitated by a decrease in the profitability of mining due to an increase in the hash rate. Miners are in no hurry to update equipment, fearing that after halving, mining of BTC will become unprofitable, as is the case with Litecoin.

text: Ivan Malichenko, photo: weihnachtsfeierideen, chart: TradingView

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