It's no secret that Bitcoin has been on a serious downward trend since Sunday, with other cryptocurrencies accompanying it as well. Monday February's leading cryptocurrency lost around 10% in value, while altcoins fell over 10% and altcoins lost the returns they achieved in February.
Today it managed to raise the price of Bitcoin again to over $ 8,000. BTC, which was trading around $ 8,050 at the time of publication, had a good attack after falling as low as $ 7,700. But what investors and the ecosystem are really wondering is Will the decline continue further, or has an upward trend begun?
In fact, the answer to this question is perhaps to look at the reasons for the decline. First of all, we mentioned that the names behind the plustoken ponzi scheme started selling their BTCS, creating an air of fear and making investors panic sales. After the realization of this, sales orders stopped and the market began to experience a calm. Stable lines have begun to appear in bitcoin as well as other cryptocurrencies.
Besides plustoken, the Coronavirus outbreak affected all markets as well as the cryptocurrency market. But according to recent data, the epidemic, particularly in China, appears to have been off the pace. The latest news from China was that private hospitals had begun to close for the covid-19 outbreak. Investors may also have breathed a sigh of relief and more calmly reconsidered their plans. This may have enabled the calm air to prevail in the markets.
All the while, investors have moved away from silver, oil, equities or traditional currency investments in recent days. That makes them think they're on a different quest. The calming ecosystem following the slump in the cryptocurrency market may be attracting new investors, both at low prices and at small increases.