Why is Bitcoin Going Down in Value?
In this article, we will discuss a question that is frequently asked by cryptocurrency users recently. Why is Bitcoin going down in value? There are many reasons behind this question. Bitcoin is experiencing a major decline towards the end of 2019, as will be discussed below. We will examine three of the factors causing this decline. For more information about Bitcoin, please visit our blog.
After the Blockchain news from the People’s Republic of China last month, the price again reached $ 10,300. This climb was the final peak of 2019, according to many crypto analysts.
After declining from $10,000, the BTC dropped to $ 6600-6900 on November 25, 2019. Looking at 2018, we were again faced with a downward trend. Bitcoin went down to $3,000 in November 2018 and early December, declining by 50%. What are the reasons for this decline?
3 Reasons behind Bitcoin’s Decline
The first factor affecting the decline of Bitcoin is known as whales. When we look at the news in recent days, a 44,000 BTC transaction was carried out by a whale before the decline. It is obvious that this process affects the BTC value.
Another important factor in the fall of BTC is the manipulations that emerged about China. Claims that stock exchanges such as Bithumb and Binance were shut down in China had created a fluctuation in the cryptocurrency market. Such situations affect the cryptocurrency market.
One of the arguments made by expert cryptocurrency analysts about the decline is the high values seen in early 2019. BTC, which went above the level of $ 10,000, is in a position to consolidate the debt maturity period according to many analysts. This situation is expected to continue until it hits rock bottom.
In this article, we have listed the major claims about the Bitcoin decline. If you are interested in trading Bitcoin, Ethereum, Ripple, Litecoin, Dash, Tether, BNB Coin and other cryptocurrencies, you can visit Cointral branches and our website.
Investment information, comments and recommendations contained herein are not included in the scope of investment advisory. Therefore, making an investment decision based solely on the information and comments contained herein may not produce results that are in line with your expectations.