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 $33 billion in the past week.
Although watching the price of Bitcoin go down like can be disheartening for some/most BTC holders, it is worth keeping in mind that for the year-to-date (YTC) period, the Bitcoin price has changed +69.38% versus the U.S. dollar.
Over on Twitter, prominent economist and crypto analyst/trader Alex Krüger reminded everyone that the Bitcoin price is not affected by macro variables unlike what many people seem to believe:
Remember how the Fed “printing money” was supposed to make bitcoin prices explode higher?
Quantitative easing is rocket fuel!
Fantastic narrative.$BTC is down 30% since the Fed started expanding its balance sheet in August. Big facts. pic.twitter.com/byhWrdslGG
— Alex Krüger (@krugermacro) November 24, 2019
Added liquidity can only help price, but $BTC doesn't respond to macro variables.
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.
— Alex Krüger (@krugermacro) November 24, 2019
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.
You don't need weapons.
You don't need backups.
You don't need privacy.
You don't need bitcoin.
Until you do.— Jameson Lopp (@lopp) November 24, 2019
Featured Image Credit: Photo via Pexels.com
