Is Bitcoin Going To Experience Its Biggest Weekly Loss Of 2019 This Week?

By Alo Kingsley   Sep 28, 2019 2 Min Read

For the first time in over six months, Bitcoin’s acceptance has been below key support. Yesterday, the prices plummeted below a four-month low of $7800 and this phase of price volatility lingers. Bitcoin is currently trading at $8,030 on Bitstamp. This is a 20% decline from Monday’s opening price of $10,022. Assuming these prices remain at this level till Sunday’s UTC close, this would be the year’s biggest weekly loss so far.

Bitcoin has been dramatically hit with a rapid drop in one-fifth of its value. On Tuesday evening, bitcoin dropped by $1,500 within an hour to hit the $8,000 threshold. The prices dropped again after another sharp sell-off to as low as $7,830. The entire cryptocurrency market has also experienced this rapid drop.

IMG-20190927-WA0013.jpgBTC weekly chart

According to data from Bloomberg, bitcoin dropped by 9% and traded for as low as $7,736 in New York. This is its lowest record price since May. The total market capitalization continues to show new multi-month lows across crypto markets. Altcoins are not left out of this phenomenon of losses. Ether (ETH) is currently down by 2.54% and sells at $165.41. XRP is down by 1.54% and Bitcoin Cash (BCH) is down by 4.92%, selling at $214.48.finally, Litecoin (LTC) is down by 3.16%, changing hands at $55.01.  

Bitcoin prices have failed to hold onto signs of recovery. More downward price actions have been experienced as at yesterday. Back in the second week of January, there was a 13% fall back and this has been the biggest weekly loss so far. If bitcoin experiences a greater loss than this, it would be the most severe of the year.  From all indications, only a short-lived corrective bounce is possible over the weekend. It is likely that cryptocurrency would close below $8,719 on Sunday and would be the biggest weekly loss so far.

 

Image via Shutterstock

About the author

Alo Kingsley
A blockchain/cryptocurrency enthusiast and writer with immense interest in the decentralized power inherent in cryptocurrencies and the growth of the disruptive innovation of blockchain in, Africa.




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