- Bitcoin fell from $7966 to the highest drop reached $4,106.98 marked it as the largest single-day drop in six years. We are experiencing a historical moment in the cryptocurrency market.
- One of the major market analysts Peter Brandt looking at the market current scenario believes that bitcoin will continue to fall even low.
- According to Dovey Wan, the founding partner of Primitive Ventures, the situation of venture capital primary market is worse.
This was the biggest dive ever in the history of Bitcoin yesterday. It experienced a drop of more than 32% in a day.
Still, it continues to fall about 3800 US dollars on the morning of March 13. This is for the first time for the bitcoin to achieve such a drop. Within 24 hours, bitcoin tumbled almost 50% of the market value. The entire crypto market has plunged with a marker value of 120 billion. This value is presumed as the lowest since February 11 last year.
What is the reason behind Bitcoin’s fall?
One of the efficient market analysts Peter Brandt looking at the market current scenario believes that bitcoin could have even more to fall.
If I interpret the chart without bias, I would say sub $1,000
— Peter Brandt (@PeterLBrandt) March 12, 2020
As per yesterday’s announcement of travel bans between the U.S. and Europe, sensitivity in the crypto market have started streaming and also, resulting in the constant instability in all financial market.
It is also assumed that the latest drop came after U.S. President Donald Trump and the Federal Reserve both failed to encourage markets in the face of the remarkably economic slowdown.
Some other experts notified that due to the epidemic enhancement, multi-country stock market breakdowns, susceptive market relationships and fall in the gold prices continuously, an arduous situation stood up before the escalation of Bitcoin in the market.
Latest Updates and Comments from Market Players
Mars Finance comments on the market situation that irrespective of the drop, investors are still looking for free assets and global currencies, increase and decrease in the count of bitcoins and also, the production in the industry has flourished.
According to Dovey Wan, the founding partner of Primitive Ventures, the situation of venture capital primary market is worse. But, if the global financial catastrophe break-out, Bitcoin will fall as much.
Wan finds Bitcoin is still an alternative of the alternative asset for most of the investors and speculators’ opinion.