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The fall in the value of Bitcoin: on September 24, the rate fell to $ 9600 per BTC and continues to fall

27.09.2019

The Bitcoin rate has rapidly dropped by several positions since the beginning of September this year. Many analysts are trying to find out the reasons for the fall in quotations. Expert Omkar Godbowl suggested that the token will cost at least 9320 UDS per coin by the end of the month, but he was mistaken, since as of September 27, the rate is $ 7906 per coin.

Decrease in Bitcoin rate

The value of Bitcoin on September 24 fell by 3.2 percentage points to about $ 9,760. During the day from September 24 to September 25, the rate fell by 10.6% and amounted to about USD 8600 per coin. The last time the coin was at this level was almost 3 months ago, on June 14th.
To gain a foothold in its position, the digital asset must surpass the $ 10,400 mark. If this does not happen in the near future, the currency will not be able to avoid the fall. Such data was reported by an analyst Globoul.
The expert shared information with the press that the asset is going through a difficult situation, when the rate decreases uncontrollably. The value of the coin dropped below the 9 thousand mark, and the quote began to fall rapidly. Many analysts predict a decrease in the price of Bitcoin by several thousand dollars, they believe this process is inevitable.
Altcoin prices also dropped by an average of 10-19% and 25% in the case of Bitcoin Cash.
Despite the decrease in the value of the coin, its volume at the auction is increasing. Within 24 hours, transactions are carried out by 20-25% more than in the previous day, and reached the level of $ 16.5 billion.
The total capitalization of the cryptocurrency market is currently $ 256.6 billion.
Morgan Greek Capital Management CEO Mark Yusko is convinced that it is not worth selling the currency yet. Under favorable conditions, quotes can rise to 12-13 thousand dollars per token. The expert emphasizes that fluctuations in the price of cryptocurrency are a common occurrence, so its fall by several thousand more dollars is likely. However, this is not a reason to sell the asset and give preference to other virtual money.
Yusko notes that digital currency performance has increased in 2019. The number of addresses, the volume of financial transactions and the hash rate have increased. Securities have dropped in value temporarily, so you shouldnt sell them in exchange offices and on Internet sites.

Why did the collapse occur?

Compared to recent quotes, Bitcoin is cheap. This is a good opportunity for large firms and individuals to acquire the asset, confident in the growth of the currency and interested in further trading.
There was information that the exchange rate collapsed due to the shutdown of farms for mining coins in Kazakhstan and Kyrgyzstan. Other events in the world also negatively affected the quotes: the Central Bank of China denied information about the launch of the national digital currency. And also the "disappointing" launch of the Bakkt platform did not live up to expectations regarding the rise in the price of BTC.
The start of trading made it clear that institutional investors are not willing to invest in Bitcoin, which means that the price may have been speculatively overpriced. For this reason, many traders began to surrender the asset. Also, the assumption of manipulation by large players is confirmed by the fact that the collapse of almost all cryptocurrencies.
Analysts need to conduct additional analysis of the situation and find out what were the real reasons for the fall of the cryptocurrency. Over the past 24 hours, capitalization has also dropped. And it is $ 172 billion.

Bitcoin hash rate decreased by 30%


Now it is quite possible to order Bitcoin at a reduced price, since the hash rate has decreased by 30 percentage points - from 98EH / s to 67 EH / s. This was due to a decrease in the amount of capacity in the Bitcoin network. The fluctuations are related to the production conference in China.
Now the country is hosting an event attended by traders from all over the world. Dovi Wang is convinced that the equipment will have to be relocated to another part of China. The authorities do not want virtual assets to be mined on the territory of the state.
Checks are carried out, according to the results of which illegal coin miners are calculated. Companies must be recognized as legal. They will receive electricity at a uniform rate.
Most of the crypt mining equipment is localized in the PRC. Mining is, according to officials, an undesirable type of activity, due to which the country does not develop at 100%, Local experts still monitor the quotes of Bitcoin and other coins, but they believe that the rate will fall, and this type of money will not stand onslaught and competition.
There are those who call the drop in the hash rate a lie. For example, James Prestwich, founder of the Summa service, emphasized that blocks with a large interval turned out to be abundant in a specific time period, which distorted the data.

What is needed for the stability of Bitcoin

Now the Bitcoin price is volatile, but that may change in the near future. The currency is different from another crypt. The main difference is the provision, more precisely, the lack of external regulation. The asset is not tied to any country or economy. The price is determined by demand. Quotes are complex and are influenced by various factors.

The rate grows in the following cases:
• with an increase in demand;
• if the currency becomes even more popular than initially;
• if there is positive news about military-technical cooperation, that is, a media phone;
• when more tokens are bought by investors than sold.
The course is influenced by pampers - players, "bulls" who have a lot of coins. They instantly buy up coins and sell them in case of negative predictions or personal manipulation. They can raise quotes to their maximum values and create the illusion of stable crypto growth. Thus, artificially creating a wave of excitement.
The pumper can deliberately collapse the rate, dumping its assets, this will lower the BTC price to a minimum.
For example, a certain Roger Ver sold 250 thousand bitcoins in November 2017, thereby dropping the price from $ 7880 to $ 5600.
If, on the contrary, large companies start investing their material resources in coins, then quotes will increase.

How to predict the exchange rate?

Beginners and experienced players in the crypto market should follow the exchange rate of the currency they have. It is worth monitoring news every day, seeing the dynamics, analyzing the received data and tracking patterns. It is important not to be afraid and make risky decisions, but with sound mind.
Analysts give advice on how to predict the course of Bitcoin and other cryptocurrencies:
1. Follow economic news, and if there are any disputes and scandals around the token, it is worth selling coins.
2. When the rate falls, it is worth buying Bitcoin, because it will still increase in value.
3. Analyze the activities of traders who hold a large number of coins.
4. Understand the value corridors, minimum and maximum levels, oversold and overbought zones.
There are also special programs that determine the movement of the cryptocurrency price in the next few days. Analysts post their forecasts online, so it is worth listening to them and deciding to buy or sell Bitcoin.