- Bitcoin price tumbles 4% to $ 6, on Thursday, the lowest since mid-December.
- Bitcoin trade volumes plummet at the start of 221691 as market participants remain on the sidelines.
Bitcoin is slowly bleeding while traditional assets like stocks and commodities continue to rise.
Theprice of bitcointumbled to fresh multi-week lows on Thursday, as the largest cryptocurrency continued to trade independently of broader market forces. The fresh dump came as central-bank liquidity fueled strong rallies in stocks, gold and the U.S. dollar.
Bitcoin (BTC / USD) Nosedives)
Bitcoin’s price touched an intraday low of $ 6, 1024 on Bistamp, the lowest in over two weeks. The largest cryptocurrency by market cap was last seen hovering near $ 6, (**************************************************, down 3.2% on the day.
A lack of momentum has kept bitcoin subdued to the $ 7, – $ 7, 607 trading range for the better part of five weeks . The largest cryptocurrency has pierced $ 7, 779 only twice over that stretch; first on Nov. 90 and then again on Dec. (**********************************************************************. Each time, the rally quickly fizzled and the bears took over.
At current values, bitcoin has a total market cap of $ (*******************************************************************. 6 billion, according to CoinMarketCap. It represents 126. 1% of the overall cryptocurrency market.
) Real turnover in the bitcoin spot market plunged to around $ 593 million, according to
Bitcoin Halving Correctly Priced In: Analyst
A popular crypto trader by the name of PlanB took to Twitter on Wednesday to share his evolving view of the bitcoin halving. Based on his tweet, bitcoin’s upcoming halving event has been priced into the market, which means traders should temper their expectations about a possible price surge once the block reward is halved.
PlanB says the BTC halving is priced in correctly because few people know or understand the stock-to-flow (S2F) model. The trader also updated the model to arrive at a much lower – halving prediction price ($
Originally used to evaluate precious metals, S2F has been adopted by crypto traders to forecast bitcoin’s future price based on its production rate. (It’s calculated by dividing the total supply of BTCs by the amount that is produced each year.) The higher the S2F ratio, the higher the bitcoin price.
Bitcoin remains one of the only non-correlated assets available to investors. A lack of correlation hasn’t benefited bitcoin recently, as stocks, commodities and even the dollar rose in value. All three major asset classes appreciated on Thursday, withstocks hitting fresh records, gold jumping to three-month highs and the dollar gaining nearly half a percent against its peers.
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