Bitcoin Drops Down to $11.8K, After its Yearly High on Monday

August 21, 2020

Cryptocurrency Bitcoin prices were off from Monday’s high. Meantime, high fees on ETH helped decentralized exchange Uniswap gather $7M since the last month. Bitcoin or BTC trading around $12,002 as of 20:00 UTC, with dropping over 2.8% in the last 24 hours as of now.

After reaching its yearly high on Monday of $12,002, Bitcoin drops down to as low as $11,825 on different spot exchanges such as Coinbase on Tuesday. Seychelles based BitMEX saw plenty of activities during the price rise and decline, as both long and short crypto traders were wiped out in automatic liquidation, the cryptocurrency equivalent of a margin call. During Monday’s price rise period, BitMEX liquidated short traders by as much as $10M in just one hour. 

The trader of Efficient Frontier, a quant trading firm, Andrew Tu, sees $12,000 as a resistance or a price level that is resilient to overcome but when it is, BTC can break to the higher territory.  Further, Tu said that Bitcoin finally broke its $12,000 resistance on Monday, now it’s on to $13,000 and $14,000 as resistance, supposing that we can hold beyond $12,000. 

Each time bitcoin’s value moves higher over the rest of the months of a dubious 2020, there will be recharged financial specialist enthusiasm for crypto, included Efficient Frontier’s Tu. It’s all piece of this current bull cycle we’re in, Tu said. It’s an optimistic criticism cycle in which twofold digit rises cause all the more retail and expert speculators to bounce, wherein brings forth further ascents.

Ethereum (ETH), the second-largest cryptocurrency in the business market was also down at around $424 and sliding down to 2.7% in the last 24 hours. The decentralized trade, or DEX, Uniswap V2 has crossed $7 million in expenses gathered over the previous month. 

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