Cryptocurrency Market Takes A Plunge

The cryptocurrency market seemed to be experiencing a boom similar to the cryptocurrency craze that came in 2017. However, the boom appeared to be more of a splash as the market took a steep fall Thursday night.

Bitcoin which has been a figurehead for the cryptocurrency market reached a 2019 high of $9,000 before an 11% drop. Bitcoin dropped to $8,200 in mere minutes and would eventually reach a low of $8,000. Many are calling this rise and sudden fall a fakeout by the market. Many are blaming the sudden drop of Bitcoin and the market falloff on the liquidation of short- and long-term contracts on BitMEX

Ethereum (ETH) wasn’t immune from the market plunge either, as ETH dropped down $235.44 on Thursday night. This drop signaled a more than 10% drop for the currency after it’s surge throughout the month of May. Though the loss for ETH may not be as bad for investors as it would seem. ETH is experiencing a raise in transactions, the last time they experienced high network activity the numbers spiked toward $1,400.

While the many analysts have been high on the Cryptocurrency market in recent days, for the analyst with the unusual moniker MagicPoopCannon the plunge was bound to happen. In days leading up to the crash the respect analyst had pointed out that the bullish move was more of a bear surge. Sighting that throughout the history of the volatile cryptocurrency market cryptocurrency must meet a certain low before it bounces back.

Author: Ramsey Baker

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