Bitcoin Slips to $7,840 as Sell Volumes Intensify, Cryptocurrency Market Slumps

The valuation of the cryptocurrency market, which hovered near the $470 billion mark merely two weeks ago, has declined to $313 billion, as major cryptocurrencies including bitcoin fell in value.

Bitcoin Slumps

Over the past 24 hours, the price of bitcoin fell from $8,600 to $7,840, by nearly $800. While trading volumes of most major cryptocurrencies across leading exchanges remain low overall, bitcoin’s daily trading volume has been relatively low, with sell volumes intensifying on exchanges like Bitfinex and Bithumb.

Yesterday, on March 16, CCN reported that although many analysts within the cryptocurrency sector and traditional finance industry unanimously agree on an optimistic long-term price trend for the cryptocurrency sector, the majority are skeptical towards the short-term momentum of bitcoin, given the 70 percent correction it has suffered since January.

After dipping below the $6,000 mark and falling from $19,666 to $5,920 by recording a 70 percent drop in value, the most dominant cryptocurrency in the global market has rebounded to the $7,000 region, and briefly achieved $11,600 last week.

But, as demonstrated by a cryptocurrency analyst better known as Wolf of Crypto below, it is important to acknowledge that bitcoin has suffered the third worst crash in its history, behind the 83 percent crash from $259 to $43 in April 2013, and the 87 percent crash from $1,163 to $152 throughout late 2013 and 2014.

But, as demonstrated by a cryptocurrency analyst better known as Wolf of Crypto below, it is important to acknowledge that bitcoin has suffered the third worst crash in its history, behind the 83 percent crash from $259 to $43 in April 2013, and the 87 percent crash from $1,163 to $152 throughout late 2013 and 2014…

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