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Bitcoin sees major $3000 regression

Photo of: Joseph Stone
by Joseph Stone

In just 24 hours, the value of Bitcoin lost more than $3,000, recording its most significant loss since last March. On the way to its all-time high, Bitcoin is suffering from profit-taking.

This is a severe reversal on the Bitcoin front. The cryptocurrency was on the verge of reaching and even surpassing its all-time high of December 2017.

However, as this threshold approached, Bitcoin’s volatility increased sharply. The last 24 hours are a glaring example of this. Over this period, several billion dollars of capitalization went up in smoke.

The value of the queen of cryptocurrency lost more than 3000 dollars. On November 26th at 10:45 am, Bitcoin was trading below $17,000. The assets are therefore now far from their peak, which was 19,480 dollars according to TradingView.

Worse, Bitcoin even fell to $16,300 before bouncing back above $16,800. But why such sudden volatility? According to various observers in the crypto sphere, this can be explained by profit-taking or anticipation.

Thus, notes Cointelegraph, the sudden drop comes at a time when investors such as whales or whales were depositing significant amounts in BTC on the exchanges. This indicator suggested future sales approaching $20,000.

“The inflow on all exchanges increased a few hours ago. It indicates that the whales, relatively speaking, have been depositing CTCs on the exchanges,” CryptoQuant’s Ki Young Ju analyzed on Twitter.

Another factor could explain the sharp reversal of the trend in the Bitcoin market. And it takes the form of a warning from the United States. However, this is only a rumor at this point.

But it has caused Coinbase boss Brian Armstrong to react. The U.S. authorities may consider regulating self-hosted cryptocurrencies wallets. This prospect is viewed very negatively by the boss of Coinbase.

“If this crypto regulation comes out, it would be a terrible legacy that would have long-lasting negative impacts for the United States. In the early days of the Internet, people demanded that the Internet be regulated like telephone operators. Thank God they didn’t,” Armstrong worries.

But Bitcoin is not the only cryptocurrency in the red in the last 24 hours. The drop affects all major crypto assets. Ethereum is currently losing more than 15%, as is Litecoin. As for XRP, its decline exceeds 20%.