• Bitcoin dropped to $27,000 yesterday, marking its lowest price point in almost a month.
• Alternative coins such as ARB and FXS have also dumped by over 25% on a weekly scale.
• BTC attempted a price pump to $28,000 but was rejected after tapping that line.
Bitcoin Falls To Monthly Low
Yesterday, Bitcoin fell to $27,000, its lowest price point in almost a month. This 8% weekly decline is attributed to the bears stepping up and reversing the asset’s trajectory since it stood above $30,000 ten days ago. Despite an initial attempt at a price pump to $28,000, BTC was unable to break through this resistance and instead reversed course back down south.
Alternative Coins Also Hit Hard
The alternative coins are not faring much better either with Polygon falling 3% daily and some coins such as ARB and FXS dumping by over 25% on a weekly scale. These losses come despite initial attempts at recovery from these assets which have all been quickly rejected by strong selling pressure from the crypto markets.
Why Are Prices Falling?
It is still unclear why prices are dropping across various cryptocurrencies but many analysts attribute this trend to traders taking profits off their investments or investors looking for safer assets amidst economic uncertainty caused by the COVID-19 pandemic. However, there remains hope that BTC will soon recover as buyers enter the market once again and push prices higher.
What Does This Mean For Investors?
For investors who are looking to buy into cryptocurrencies now may be able to benefit from discounted prices due to market conditions at present time. It is important for investors however to remember that trading in cryptocurrencies remains a risky venture due to their volatile nature and potential for significant losses if trades go wrong.
In conclusion, Bitcoin has fallen significantly from its recent peak of nearly $31K just 10 days ago down to its current value of around $27K – representing an 8% loss on a weekly scale. Alternative coins have been hit hard too with several experiencing double digit losses while others remain stagnant or slightly down compared with previous weeks‘ performance. While it’s still uncertain what has caused this sudden drop in values across various cryptocurrencies, many analysts attribute it partially towards traders taking profits or investors seeking safe havens amid economic uncertainty caused by the pandemic – although there remains hope for recovery as buyers enter back into the market once again pushing prices higher