Regulators have expressed concerns over digital assets due to their extremely volatile nature and worries that they could be used for illicit activity.
Mati Greenspan, senior market analyst at eToro, said: “Now that the reasons for the recent sell-off are more clear to everyone and the slightly sour regulatory concerns have been priced in and the Asian premiums are evening out, traders will most likely start focusing on the technicals.”
Greenspan told CNBC Tuesday that South Korean and Japanese investors often pay a premium of “20 percent or more per coin.”
Nolan Bauerle, director of research at CoinDesk, said that the sell-off was “a feature of the global, liquid cryptocurrency trading environment.”
“When the price of bitcoin drops, there is a pattern of traders that move to take different positions, either in another cryptocurrency or in fiat,” he told CNBC.
“These large drops, usually between the 25-40 percent range, generally find a bottom that is a consolidation of a previous all time high. When this bottom is found, the pattern continues with demand causing a new upward bounce.”
Disclaimer: This story has been amended to reflect the fact that bitcoin lost more than 50 percent from its December high.
Original article and pictures take bitnewsbot.b-cdn.net site
Комментариев нет:
Отправить комментарий