On Friday, Bitcoin, the largest crypto-currency in the world in terms of market capitalization was hammered back to a level below $4000. Bitcoin decreased in value by almost 7.55 percent thereby reaching a value of $3867,
The value of the biggest crypto-currency was down for the second straight session and all the gains of the Wednesday of more than 10 percent has been wiped out due to this fall.
The gains of Wednesday had accounted for the biggest daily advance since April for the crypto-currency.
The other crypto-currencies are also down with XRP down by 5.56 percent, ethereum by 3.2 percent whereas bitcoin cash was down by 5.97 percent.
A senior market analyst at eToro, Mati Greenspan stated that the market of crypto-currencies has been mirroring the market of equities lately and that the investors are much more averse to risk that what they were few years back.
Greenspan said that this mirroring effect is the consequence of the monetary tightening which has been done by the global central banks.
This year has been really difficult for the investors of bitcoin who have earlier witnessed the prices increase by 2000 percent which nearly was equal to 20000 per coin.
The largest crypto-currency topped out in December and has plummeted down ever since.
Since the middle of May, the prices of the bitcoin has been struck between $6000 and $8000 but the pressure increased in the middle of November.
That was the time when the price of the bitcoin was pushed down to $3522 which was too low and also the weakest since the September of 2017. This value shows a fall by more than 80 percent from its value at the peak.
Greenpan had stated that they have witnessed a bounce off in case of the Bitcoin for the first support level of $3500 and they might test this level again over the weekend.
Source: BusinessInsider, CoinDesk
