The cryptomarket looses billions - is it because of Brexit delay

Just as countless analysts and experts have decided that Bitcoin's rally, which we all expected, has finally come, the market has plummeted down - and BTC is not the only crippled hit.

In fact, nearly $20 billion disappeared from the total market capitalization. At the moment, it stands at nearly $ 170 billion from about $ 186 billion at the highest point of the raise last week.

Bitcoin seems to be losing. After his price reached just over $ 5,400 yesterday, a wave of sales pressure sent a coin to $ 5,050 - well again, compared to $ 4,850 last week and well above $ 4,070 by the beginning of the month.

However, the downward movement has pushed the domino effect into the entire market. According to reports, analysts believe the BTC price could drop rapidly to $ 4,200 with the near future before it finds significant support. "

Some experts blame the decline in the market in the delay of Brexit for six months. Ethereum World News explained that when things went to Brexit without a deal, traders "found cryptocurrencies as an alternative to GBP and EUR, should both currencies be tied to a volatile future."

However, the news that both currencies are safe for the moment did not affect the cryptocurrencies well.

Last week, Gabriel Dusil, co-founder of Adel, commented that the sudden rise in digital currencies does not mean much for the big picture.

"This spike does not mean a new bullish trend, we have to look at the big picture and it seems that it's just a correction," he said. "The price can very easily drop as well as rise, and those who bought in the second half of 2017 are still at a loss, we have to see prices above $ 8K to say that a recovery has begun and the bullish trend is really resurrected. "

However, if the markets really rise above $ 8K, we will see a serious price action. "If we break through $ 8,000, we can safely say that the bullish sentiment has returned and we are on the way to the historic peak." About 12K, we will see the FOMO (Fear of Missing Out) effect, which will bring fresh capital to the market - to rise well above the peak of 2017, "explained Dusil.

But this latest downward movement serves as a reminder that real rises are rare. In addition, a healthy adjustment is the way to avoid the formation of huge. speculative balloons.

Source: Finance Magnates

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