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Market situation: Bitcoin price decline and trading volume

Along with the decrease and stabilization of bitcoin trading volume, the price of this digital currency also decreased relatively significantly. However, experts believe that bitcoin is still on the rise.

Bitcoin is currently trading at $ 56,900, up about 2% from the last 24 hours. On the other hand, this digital currency has fluctuated between $ 55,541 and $ 58,645 during this period.

to the Report The price of Bitcoin is below the 10- to 50-hour moving average, which is a sign of a downturn in the market.

Bitcoin price chart
Bitcoin price chart

Since we are in a market where we mostly see currency fluctuations, the volume of transactions seems to be relatively constant in the intervals of two to three days.

Trading volume of exchanges
Trading volume of exchanges

Market data show that trading volume at the eight major US exchange offices did not change much on Wednesday. It is worth noting that the volume of bitcoin transactions in the last 7 days and in US exchange offices has been below $ 3 billion.

Analysts believe that Bitcoin’s main support is in the range of $ 54,000, and at $ 60,000 we see a resistance.

New data show that yesterday we saw a difference in the price of bitcoin in exchange offices in South Korea and exchange offices in other parts of the world. The price difference, known as the “Kimchi Premium Value Difference”, narrowed sharply yesterday. Analysts cite the index as a measure of declining demand for bitcoin from South Korean traders.

After the price of Bitcoin in the Korean exchange of Upbit increased significantly, we saw a 6% decrease in the price of Bitcoin compared to the South Korean van.

However, some analysts have expressed hope that the price of bitcoin will rise in the long run. Katie Stockton is one of them. An analyst at Fairlead Strategies, he said in a recent comment that fluctuations of 3% and 6% in a day will not affect the long-term trend of bitcoin. According to him, the price reduction indicates the existence of support and an indicator to determine the price acceleration.

Condition of the Ethereum and penis

Market situation: Bitcoin price decline and trading volume
Ethereum Price Chart

Ethereum is currently in the $ 2,000 range, down 3% from the last 24 hours. In the last 24 hours, Ethereum has been fluctuating in the range of $ 1,933 to $ 2,219, and is below the 10 and 50 hour moving averages, which is a sign of decline.

Ethereum prices have jumped significantly in recent days. Yesterday, the price of this digital currency fell below $ 2,000 for the first time since April 3 (April 14). The situation of other quinces was similar to that of Ethereum, mainly accompanied by lower prices.

Trajectory data show that the digital currencies to be added to the Quinbase exchange are experiencing significant price increases. This theory is known as the “Coinbase Effect”.

According to Masari, on average, these currencies jump 91 percent. Among large exchanges such as Bainance, PhotoEx, OKEx and Gemini, Coin Bass has the greatest impact on currency prices.

Network Omega (OMG) and Classic Ethereum were the winners of yesterday’s market with 7.04 and 5.16 percent jump, respectively. Ripple with 14.2, Cyber ​​Network (KNC) with 12.48, Orchid with 12.58, Tezus with 11.5, Stellar with 11 and Ias with 10% price reduction were the market losers yesterday.

The situation in other markets was different. Japan’s Nikkei 225 index rose 0.12 percent. Fetsy Europe jumped 0.9 percent and the US S & P500 was up 0.15 percent.

Crude rose 0.44 percent to $ 59.59 a barrel and gold fell 0.39 percent to $ 1,738. The interest rate on the ten-year bonds of the Ministry of Treasury also jumped to 1,666.


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