Cryptocurrency Sell off Continues

On Sunday the major cryptocurrencies restarted their fall, turning into a sell off when bitcoin reached the mark  above $20,000.

After Saturday’s rebound traders turned bearish again, driving the price of bitcoin 13 % down in the last 24 hours. The 10 major digital coins’ drop caused market weakness, which has its worst four-day fall down from the start of this year.

The senior market analyst from Tel Aviv, Mati Greenspan told that the West made the recent selloff, because the significant amount of trade was done in dollars and less in yen. According to his view, investors took their money from the market, going into the Christmas holiday season.

The retrenchment isn’t typical for cryptos, which often snap back after a few losing sessions. The last time bitcoin dropped for five successive weekdays was September and, before that, July. While the market has been volatile for most of this year, the rapid run-up has made the recent selloff sting more for digital coin enthusiasts.

According to CoinMarketCap data, in about three days traders have knocked off biggest cryptocurrencies with market value of $160 billion. The reason of this crash down was several warnings from financial experts about high risks of holding digital coins published in the past week.

“The crypto market went to astronomical highs, so it’s got to come back to reality. Something that goes up 150 percent in less than a month is probably going to have double-digit retracement,” Greenspan said.

The price of bitcoin was $13,360 on 5 p.m. by New York time. It’s almost one-third of its record of $19,500. And ethereum, the number 2 digital coin by market capitalization, fell about 12 % in the past 24 hours to the point of $660, according to CoinMarketCap.


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