Bitcoin (BTC) could not survive above $8,000 for more than a few days, sliding back at first to $7,500, then breaking below that threshold within an hour on Thursday night. BTC prices resumed the downward trend, as the crypto market failed to take off with the speed seen last summer, and the bear market may continue.
Bitcoin (BTC) started losing value as early as Tuesday, and expanded the slide on the following day. BTC traded at $7,381.43 on Friday, as a recent liquidation of OKEx futures hurt traders and deepened the market pessimism. BTC is down by a net 7.6% this week, as the potential for an ETF approval is dwindling.
!Bitcoin!
The share of Tether (USDT) is indicative of selling to store funds in a stable asset, and has expanded to more than 53%, nearly doubling the levels from last week. Japanese Yen fluctuated, with lows under 13%, and down to 12.25% of all trading on Friday. This trading profile has become a pattern during times of a slide in BTC prices, as traders seek a safe haven, and Japanese traders seem to disappear.
BTC trading volumes are habitually below $5 billion. Most of the price moves happen on subdued trading, with a lack of new inflows of retail investor funds or institutional money. The faster slide in altcoins also saw BTC price dominance inch up to 48.4%, as altcoins are sold for a BTC safe haven.
This article appeared first on Cryptovest
