Hey ninjas, how’s the trading going? Bitcoin’s recent fall below $8,000 has spiked a number of questions for cryptocurrency traders as well as creating a mass fear.
Earlier in the day Bitcoin’s price dipped below $8,000 and traded as low as $7,830, the lowest its been in four months. Naturally, this sparked fear in the crypto market raising questions if its downward spiral will continue or if it would once again achieve its former value (13,800).
The depreciation seemed to have left traders unsure of their next move, do they sell off the Bitcoins they currently have with fear that BTC will only depreciate further or is this an opportunity to buy more Bitcoin with the hope that its value will eventually appreciate.
BTC dropped below $7,800 earlier in the day but is trading at $8,010 at press time. Bitcoin is reporting losses over 4.58% in the last 24 hours and it's market cap value is $144 billion, down $17 billion at press time.
The majority of the top 20 cryptocurrencies are also experiencing losses in price value. Top altcoin Ethereum formerly traded at $218 on the 18th of this month but is trading at $166 at press time. Ether is down 1.87% in the last 24 hours and it's market cap value is $17 billion at press time.