Things are not looking too great in the world of cryptocurrency right now. The Bitcoin price is experiencing an unexpected market correction once again. As a result, the Bitcoin price is now down to US$5,360 and it is possible the value will keep moving lower going forward. There is no real reason for this sudden bearish attitude whatsoever, as it seems market manipulation is in full effect once again.
Sudden Bitcoin Price Correction is Quite Steep
Not too long ago, we saw the Bitcoin price correct from US$5,800 to US$5,500 and slightly lower. At that time, it was expected this would be the only correction the Bitcoin price would see in the near future. Sadly, that is not how cryptocurrency markets work, as another correction could be looming on the horizon at any given time. It seems we now have such a correction on our hands right now, although no one knows when it will end.
To put this into perspective, the Bitcoin price is now hovering around US$5,360. It is a far cry away from the $6,000 all-time high, to say the very least. With this bearish momentum in place, it seems highly unlikely we will see a positive trend reversal later today. We have seen stranger things in the world of Bitcoin and cryptocurrency over the past few months, though. A reversal could occur at any time, but things may also go from bad to worse in the blink of an eye.
All of this negative momentum also has a negative impact on the overall Bitcoin market capitalization. Right now, that market cap sits at just under US$89.5 billion, which is a lot lower than the US$92 billion of a few days ago. This 6.78% value decrease out of the blue will probably send the market reeling for quite some time to come. Altcoins are suffering from extreme volatility right now as well, which means there is virtually nothing to get excited about right now.
A silver lining to all this is that substantial Bitcoin trading volume is still in place as we speak. Over the past 24 hours, slightly under US$2 billion worth of Bitcoin has changed hands. That is a more-than-respectable number, although it is also a bit lower relative to the past few days. It is very difficult to find any positive signals related to Bitcoin in the trading markets right now; that much is rather evident.
For the time being, Bitfinex remains the world’s largest Bitcoin exchange in terms of trading volume. Bithumb is in second place, as it has taken a significant lead over bitFlyer as of right now. In South Korea, the Bitcoin price still sits well above US$5,400, and it seems this “premium” is slowly becoming the new normal as far as Bitcoin is concerned. Then again, it will be interesting to see how things play out in this regard.
Most people would like to see the Bitcoin price go up from here, preferably as soon as possible. Whether or not that will happen remains to be determined. For now, it seems unlikely we will see any major progress being made whatsoever, although the tide could always turn at any given moment. Bitcoin is still in a good place when looking at the bigger picture, even if the current price trend tells a different story.