Why is Bitcoin crashing? 'Neither technical nor fundamental reason'

10 Jan, 2019 | Updated: 10 Jan, 2019
by Joeri Cant
Bitcoin
Why is Bitcoin crashing? 'Neither technical nor fundamental reason'

Senior market analyst at eToro, Mati Greenspan, told CNBC, that his clients had been asking all day, but that there doesn’t seem to be any real reason for this drop, 'neither technical nor fundamental.'

As Chepicap previously reported, the price of the number one cryptocurrency received a big blow today, dropping a staggering 10% during Thursday’s trading session.

Analysts could not point to any particular catalyst for Thursday’s cryptocurrency dip, even though rumors have been going around that whales have been selling off Bitcoin massively.

Greenspan, however, said that it was interesting to see that this down movement seems to be an exact reversal of the surge that happened on Sunday afternoon.

'At this point, the gains made since the start of the year have now been reversed and we’re back to a neutral 2019', he said.

Clearly Bitcoin continues to struggle its way into 2019, but it is still early days into the new year.

Most investors at this point are eagerly awaiting more institutional adoption this year, and are looking forward the launch of a series of bitcoin futures.

Both the Intercontinental Exchange, or ICE, which is the parent company of the New York Stock Exchange, and the Nasdaq plan to launch bitcoin futures this year, despite the ongoing bear market.

On Twitter Greenspan published a chart that seems to show bitcoin has support at around $3,550. 'Nothing to see here', Greenspan said.

Read more: Will Bitcoin replace fiat money?

Chepicap will keep you updated on the price action. Stay tuned!

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Read more about:Bitcoin (BTC)

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