On Monday (November 25), between 04:50 UTC and 04:50 UTC, Bitcoin fell to below $6,700, a level last seen on 10 May 2019.
According to data from CryptoCompare, over the weekend, the price of Bitcoin moved in the range $7,227 and $6,914, i.e. there was a drop of 4.3%.
By 04:50 UTC, the Bitcoin price had dropped even further to $6,686.
At the time of writing, Bitcoin is trading at $6,618, down 8.22% in the past 24-hour period.
The market cap for Bitcoin is currently down to $120 billion for a loss of almost $33 billion in the past week.
Although watching the price of Bitcoin go down like can be disheartening for some/most BTC holders, it is worth keeping in mind that for the year-to-date (YTC) period, the Bitcoin price has changed +69.38% versus the U.S. dollar.
Over on Twitter, prominent economist and crypto analyst/trader Alex Krüger reminded everyone that the Bitcoin price is not affected by macro variables unlike what many people seem to believe:
Remember how the Fed "printing money" was supposed to make bitcoin prices explode higher?— Alex Krüger (@krugermacro) November 24, 2019
Quantitative easing is rocket fuel!
Fantastic narrative.$BTC is down 30% since the Fed started expanding its balance sheet in August. Big facts. pic.twitter.com/byhWrdslGG
Added liquidity can only help price, but $BTC doesn't respond to macro variables.— Alex Krüger (@krugermacro) November 24, 2019
It is such an illiquid/fragmented market that in the absence of mass influx of new buyers, actions of a few determine direction. Micro, not macro.
Only narrative still standing is the halving/s2f.
Yesterday (November 24), Jameson Lopp, who is the CTO at Bitcoin security startup Casa, found an interesting and concise way to explain why everyone should own some Bitcoin:
You don't need insurance.— Jameson Lopp (@lopp) November 24, 2019
You don't need weapons.
You don't need backups.
You don't need privacy.
You don't need bitcoin.
Until you do.
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