In the morning of November 26, the Bitcoin rate began to decline sharply. In a few hours, the first cryptocurrency lost $2,000 and, after a short consolidation, the decline continued.
Following Bitcoin, the rest of the cryptocurrency market began to fall. Many leading altcoins have already lost more than 20%.
As Ki-Young Ju, CEO of analyst firm CryptoQuant, noted, the fall of the first cryptocurrency was preceded by a significant influx of BTC to cryptocurrency exchanges. This suggests that Bitcoin traders and holders have decided to sell their holdings. At the same time, Young Ju believes, in the long term, the pressure from buyers is still stronger.
The trigger for today’s collapse in the cryptocurrency market, in addition to expectations of an already overdue correction, could be the opening of the withdrawal of cryptocurrencies from the OKex exchange. Traders could not withdraw assets from this Chinese exchange for more than a month, and now, having received such an opportunity, many are in a hurry to sell them at a price very high compared to mid-October and withdraw money from the exchange. The fall in prices began several hours earlier than OKex traders had access to the withdrawal of assets, but this event was announced a week ago and the market reaction was quite expected.
At the time of the writing of this article, BTC is trading at about $ 16,950, although for a short time the bitcoin rate fell below $16,400.
