Market Suffers A Significant Drop, Bitcoin Stability Mythos Crumbles

Volatility has always been a great trait of cryptocurrencies used as investment instruments since its humble beginnings. Cryptocurrency investors must be hardcore guys willing to take an enormous risk in the gamble that is the actual market. The market can fluctuate immensely in just hours, and also it is a sentimental market, with cryptocurrencies hiking or dropping because of one press release or an exchange hack.
While the market had been moving sideways lately, and may traders believed that this could be a good thing that could propel the market upwards in terms of price, the opposite of what was expected happened. The market surrendered to the bears and the prices went down a significant margin.
One of the worst performers was Bitcoin Cash, the famous hard fork of bitcoin, that went down in double digits; at the time of the writing of this article, it had already dropped 11,03 %, going from over $510 to less than $460.
Bitcoin also got punched pretty bad, losing more than 5% in a few hours. It went from almost $6,600 to almost $6,100 losing almost 500 dollars in the process. All of these according to numbers from
This kind of behavior seems to contradict the widespread belief that some experts and traders have about this last quarter of the year being bullish. Spencer Bogart, a known cryptocurrency investor declared on CNBC “Fast Money” last week that the behavior of the market indicated that bitcoin had bottomed out and that these next months could be very bullish for the market. But it turns out that the market had not reached the bottom and new depths can also be reached if this movement continues. Also, Rand Neuer, a CNBC journalist told that “Bitcoin was about to explode”.
But the reason according to some experts could be a panic selloff that would be caused by the crumbling of all the major Asia stock market, that experienced notable drops of more than 3% in certain cases. This drop also contaminated the Western markets, as the main stock markets had huge falls: NASDAQ fell more than 4% and S&P 500 dropped more than 3% also.
While this might come as a surprise for some, other experts had already corrected their bitcoin forecasts to numbers that are quite lower than their first announcements. This is the case of Michael Novogratz, the famous cryptocurrency investor, said to CNBC that he did not think that bitcoin could end the year over $9,000, a product of the necessity of the industry participants to sell out to fulfill obligations like payroll and other expenses.

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