Bids for the Bitcoin were down from $7,000 at $6,600

By dan saada May 18, 2019 Off

Bitcoin faces a market sell-off, thereby the price tumbled down by more than $1,000.  Bitcoin (BTC) went down by 16.7%, and the bids for the Bitcoin were down from $7,000 at $6,600.

The market capitalization went down by more than $10 billion in over the 24 hours.  BTC continued to be positive over seven days. This happened in a highly volatile situation where there were market disagreements on the exact price.

The rise of the Bitcoin price was not a surprise to many people, and many expected it to touch upon 10,000 before any retracement.  However, there was a large sell-off order, which liquidated several stop loss positions.  This invoked an overall panic among traders.

The reasons for the sell-off could be attributed to large sell-orders liquidating numerous stop-loss positions and invoking general panic amongst traders.

When Bitcoin improves or decreases in value, the rest of the Altcoins follow the pattern.  The trend is evident as Ether (ETH), Bitcoin Cash (BCH), Litcoin (LTC) went down in value ranging from 8 through 16 percent.  Stellar (XLM), XRP and Cardano (ADA) went down by 16.3, 16.5, and 16.7 percent.  The crypto market capitalization went down by $29 billion in the past 24 hours, thereby providing a hint of investor uncertainty.  The smaller coins are waiting for the next move of Bitcoin in the lineup.

Analysts have to state that Bitcoin has not corrected anything more than 8% on an average ever since April for every price decline. A few analysts have projected a pullback of more than 50%.  The bulls are not able to hold up fresh 10-month highs, and it is breaking past support levels.

Several speculators have to state that the current rally has been due to the strategic act of whales and other actors.  The interest from institutional investors is also considered to be a contributory factor.  Some opine on the upcoming halving of the asset type and the consequent scarcity of the resource type.

The mainstream adoption which everyone has been contemplating is real.  The Bitcoin Pizza boy proved it long back during the early days of Bitcoin that the token can be used for everyday transactions.

May 22 is infamously known as the “Bitcoin Pizza Day” by everyone familiar with the transaction. Luke Martin, the analyst, tweeted, “Whatever you do, remember to move slow and save some bitcoin for the year 2050.”