Bitcoin price: Low
This morning (November 19), Bitcoin (BTC) - the world's largest cryptocurrency in terms of market value fell sharply by 2.89%, reaching 91,647.06 USD.
This new price contributes to bringing market capitalization to 1,828 billion USD, down 41 billion USD. On the other hand, trading volume in 24 hours increased sharply by 34.07 billion USD, reaching 119.95 billion USD.
Assessment and forecast
Bitcoin fell below $90,000 for the first time in 7 months, the latest signals showing that investors' risk appetite is weakening in financial markets.
This risk- sensitive cryptocurrency has lost all of its gains this year and is now nearly 30% lower than its peak of more than $126,000 in October. In the European trading session, Bitcoin fell 0.5% to $91,338.47 after hitting a low of $89,286.75.
According to CoinGecko, the entire cryptocurrency market's $1.2 trillion capital has been "inflated" in the past 6 weeks.
Market observers said that the combination of doubts about whether the US Federal Reserve (Fed) will cut interest rates in the future and the risk-off sentiment in the financial market after a prolonged increase is dragging down the price of cryptocurrency.
Joshua Chu - Co-chairman of the Web3 Hong Kong Association (China) said: "This sell-off of the chain became more serious when listed and organized companies simultaneously escaped their position after taking strong purchases during the price increase period, thereby amplifying the risk of spreading. As market support weakens and macro instability increases, confidence could decline at an astonishing rate."
Joseph Edwards at Enigma Securities said that speculators who have poured money into the cryptocurrency market in expectation of US support regulations have begun to withdraw, causing capital to flow steadily away from ETFs and similar instruments in recent weeks.
"This selling pressure is not too unusual, but it happened right when buyers were weak... leading to many retail investors having " pain" in the flash crash last month" - Mr. Edwards said.
cryptocurrency holding companies such as Strategy (MSTR.O), cryptocurrency mining companies such as Riot Platforms (RIOT.O), Mara Holdings (MARA.O) and Coinbase (COIN.O) all plummeted following the pessimistic sentiment of the market.
