26 Nov Bitcoin Price Plunges to New Yearly Low at $3,456: What’s Causing it?
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On Coinbase and other major fiat-to-cryptocurrency exchanges, the Bitcoin price (BTC) has dropped to a new yearly low at $3,456.
Over the past 24 hours, despite its relatively low daily volume at around $5.2 billion, BTC demonstrated a drop of over 12 percent, showing weakness in short-term momentum.
The volume of BTC has since risen to $6.3 billion, mostly due to an overwhelming amount of sell orders.
Free Fall
The drop in the price of the dominant cryptocurrency on November 25 remains a troubling sign for the short-term trend of the crypto market because the sell-off was materialized with low volume.
Without immense sell-pressure, BTC dropped to a new yearly low at $3,456. In contrast, when the price of BTC initially dropped to the low $5,000 region in early November, the volume of BTC averaged around $8 billion.
On November 23, when the Bitcoin price dropped to $4,100 for the first time in 2018, the volume…
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