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13 January 2019 23: 30 & nbspUTC
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January 13, 2019 at 23: 30 & nbspUTC
At the end of the second week of January 2019, Bitcoin closed in red, its price well below the base price of $ 4000. At the time of writing, Bitcoin is priced just over $ 3,500, $ 3,558, 10, to be precise.
Given that there was so much hope and positive expectations on the price of Bitcoin from the start of the new year of 2019, this downward trend is to say the least disappointing. When the year started, many thought this would be the year when Bitcoin finally escaped the clutches of the bear.
Several experts and commentators felt that now that the cryptic winter could end, Bitcoin would return to the sun and shine again, just as it did in 2017. Joseph Lubin, of ConsenSys and Ethereum, for example, had said that there was no way the market could go below the "CryptoBottom" that had already been hit. The time had come for a turnaround, most felt and all prepared for a really happy new year.
You can also read: Why does the price of Bitcoin move so much?
However, there were some analysts who had actually taken note of caution. For example, analyst Willy Woo was convinced that Bitcoin still had to flee from bears, as we reported recently. The purchase sequence could be only a pinkish hue that hides a deeper problem? This is what appears to be the case.
Data from Flipside Crypto reveal that a large section of bitcoin-heavy portfolios has seen activity increase over the past two months. In fact, these are the portfolios that appear to have almost 60% of Bitcoin's current market offer as part of their holdings. These wallet owners are called BTC Whales, which could potentially cause a huge volatility in the price of Bitcoin by buying and selling.
The increase in activity after a prolonged period of dormancy has probably triggered market changes, unfortunately, towards a negative direction.
The recorded fall in the price of Bitcoin was around 3.03% and is gradually decreasing more and more. There was a decline of 0.10% in its price in a matter of fifteen minutes and it is definitely something that can prove to be rather troubling.
As always, the fall in the price of Bitcoin has also affected other currencies, placing many altcoins firmly in red. Ethereum, Bitcoin Cash and EOS plummeted by over 7% and Ripple declined by just over 3.5%. This weekend has not clearly proved to be too positive for cryptography.
Rushali Shome
Rushali Shome is a history student with a keen interest in word games, politics and beyond. When you do not type furiously in the "Notes" section of your phone, it can be found by trying to capture the servers' attention in restaurants or weddings for a second help.
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