Bitcoin Drops From $7,900 to $6,600 as Cryptocurrency Market Takes a Beating

The value of the entire Cryptocurrency market dropped from $ 100 billion to $ 253 billion last week. The price of the most major cryptocurrencies, including Bitcoin, Ethereum, Ripple, and Bitcoin Cash, fell by more than 13 per cent in March 30.

Slump Continues

In the past 24 hours, the bitcoin price dropped from $ 7,900 to $ 6,600, with a 12.6 percent decline in value. With a loss of more than $ 40 billion in the two-day period, the amount of Etrroy, Tidal, and Wikipedia's cash flow decreased to 12 percent.

Bitcoin and cryptocurrency market did not see these levels from early February when the two bitcoin price dropped to $ 6,000. After reaching its lowest level at $ 6,000, it reached $ 14,000 in areas with significant premiums, including South Korea and Hong Kong, with the price of bitcoin rising to $ 12,000.

Although Bitcoin has shown some resistance at $ 6,600 mark, it has performed low signs of recovery. Volumes are low on many exchanges, including Beyonce, Bitfinx, Bitumbi, Bit Flyer and Abbits, but volumes are increasing in the futures markets reported by the CCN.

Many analysts, including Wall Street-based fundstat's Tom Lee, have announced that Bitcoin is about to remain at $ 20,000, especially if it can start mid-term recovery in the coming months.

Abram CEO Bill Barhind said that the demand for the cryptocurrency market is not exactly in Asia, although it does not exist from Western institutional investors and retailer traders.

" Right now there is really zero massive institutional cash from the West in Crypto, it's going to be in Japan and once a big part of Western institutional money starts coming out - watch out," Barhydt said.

Because of the shortage of volumes, the cryptocurrency market continues within the next few days. However, if bitcoin fails to maintain its volumes and the market's most dominant cryptocurrency hierarchy has fallen to $ 6,000, this leads to another bear cycle.

Where Does the Market Go From Here?

Barhind stated that hedge funds, institutional investors and investment companies are still actively looking at the cryptocurrency market and exploring ways to enter the market. He stressed that the market is consistently and that hedge funds look at the opportunity to enter the cryptocurrency market when reducing the volatility of bitcoin and other major digital currencies.

"I speak hedgehogs, high net worth individuals and speculators of goods, they see volatility in the Crypto markets and they see it as a huge opportunity, and when it happens, all hell will break loose.After flood gates open, they will be opened."