Since its last local high, Bitcoin has lost more than 17% of its value. 

Bitcoin Dropped by $1,000 in One Hour

The first cryptocurrency fell momentarily to $38,725, according to CoinMarketCap, fixing a local low for the last month. At the same time, BTC fell below $38,600 on some platforms. As of 13:30 (GMT+3), Bitcoin is trading at around $39,000. The daily drop in value accounts for about 3.5%, while the weekly drop is approximately 6%. 

The decline in BTC quotations led to price decreases in other cryptocurrencies so that the total cap of the cryptocurrency market has fallen by almost 4% over the past 24 hours. According to Coinglass, traders lost more than $238 million during the last 24 hours. 80,000 positions were liquidated in total. Overall, the first cryptocurrency has lost more than 17% of its value since reaching a local high above $48,000 at the end of March. 

Experts attribute the current fall to the peculiarities of the US tax system. Today, April 18, the deadline for tax returns for 2021. There is also the influence of macroeconomic uncertainty, geopolitical tensions, tightening of the Fed’s monetary policy and other factors. To learn more about the current market situation, see the forecast prepared by CoinsPaid Media together with the industry experts.

Author: Mark Wallerstein
#Bitcoin #Cryptocurrency