Forex and Crypto News

Bitcoin is descending because of "overheating"

12:51 17 May /2019

At the end of this week, Bitcoin began to descend. The traders say it’s the result of the so-called “overheating” of cryptocurrency.

In the last 24 hours, Bitcoin has lost by almost 10%, now Bitcoin is trading just above $7,000. On some exchanges, such as Bitstamp, it has fallen below $6,800. The market capitalization of the largest digital currency declined to $125,012 billion.

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Almost all altcoins follow Bitcoin and have fallen in price. Stellar cryptocurrency has lost 15%.

In the first half of the day, it was reported that the biggest sales of BTC are recorded on the Coinbase, Bitstamp, and BitMEX. Some traders believe that aggressive Bitcoin sales on these platforms became the key factor that provoked the sale.

There is also an opinion that Bitcoin simply “overheated” during the rally, which pushed the coin from $5,000 to $8,200.

Investors have aggressively invested in Bitcoin for various reasons, one of which was the trade war between the United States and China. They have used the cryptocurrency to withdraw their capital from the US market. But as soon as the situation stabilized, they began to convert BTC and altcoins into fiat money.

In just the last few days, we have witnessed the rise of Bitcoin by $500-600, so it is not surprising that in such a short time the coin “exhausted” and began to fall.

Some crypto traders generally expect Bitcoin to sink to $6000.

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