The Cryptocurrency market has been highly volatile recently. For intra-day traders, it brings both opportunities and risks. On Friday, both Bitcoin and Ethereum are down as the market again shows extreme volatility. The downward trend could be seen in all top tokens as the 24-hour price change is in red for most of them.
As the rice drop continues, analysts are looking at a further drop in price over the market. The current investor sentiment is pushing token holders to sell and as the money flows out the prices could come down further.
Bitcoin price was down at least 4% as it dropped below $33,000. On the other hand, Ethereum, the biggest altcoin, is marginally floating above the $2,000 mark. BTC started falling sharply yesterday and it seems to be holding on to the trend.
Other major cryptocurrencies such as XRP, Cardano, Dogecoin, Stellar, Chainlink, Uniswap, Polkadot and Litecoin have lost value about 3-8 per cent.
The market continues to be under pressure due to the negative developments in top cryptocurrency markets like China and the UK. While China is ramping up efforts to clamp down on Bitcoin mining and cryptocurrency payments. In the UK, authorities are pushing for stricter regulation of cryptocurrency uses.
The negative developments in the past few weeks have dampened the investor sentiments. We have seen many are pulling out or diversifying their investments. Analysts are predicting the trend to continue over the weekend. It wouldn’t be surprising to see a sustained drop in prices over the next few days.