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Bitcoin Price Dips Below $4,000 as Expected Correction Sets In

Interesting things are happening in the world of Bitcoin and cryptocurrency. Right now, it seems the Bitcoin price is [finally] going through its expected correction. The Bitcoin price sits well below the $4,000 mark right now, after nearly a full week of pushing toward $4,500. All good things must come to an end, unfortunately, but there is no reason to think the price will remain this low for a prolonged period of time. The trading volume for BTC is setting new records right now, which shouldn’t be overlooked either.


It was to be expected the Bitcoin price would see a major correction at one point or another. After a few weeks of bullish momentum and surging past $4,000 there had to be some correction. It is impossible to maintain such a strong price momentum without prices taking a beating at some point along the way. Bitcoin traders would certainly like to see things play out differently, but one has to take the good with the bad whenever the market turns sour.

To put this into perspective, the Bitcoin price has only dropped by 3.68% in the past 24 hours. That is not as much as people would expect, but it still pushes the Bitcoin price below $4,000. Then again, with the price holding on to the $3,900 mark, for the time being, there is no reason to be overly concerned just yet. If the price had crashed by about 25%, people would have a reason to panic. For now, though, this is nothing but a flesh wound, so to speak. In most cases, the price will pick up again pretty quickly, all things considered.

One thing keeping the Bitcoin price afloat right now is its humongous trading volume. Over the past few days, we have seen an average of $2bn in 24-hour trading volume, which is already quite substantial. Right now, that same volume sits at around $3.6bn, which is close to a 100% increase all of a sudden. This kind of growth is rather unprecedented, even for the world’s leading cryptocurrency. It also shows good things will come to Bitcoin given some time, though, which could have a positive impact on the price as a whole. Only time will tell if that will be the case.

It is worth noting the majority of Bitcoin trading volume doesn’t come from Bithumb, for a change. Just yesterday, we noticed how Japan’s bitFlyer exchange is generating a lot of trading volume all of a sudden. The past 24 hours have yielded much of the same, resulting in around $785.73m worth of BTC trading volume. Considering how this is nearly four times as much as Bitfinex in second place, one could say japan is going bonkers over Bitcoin right now. Then again, Japan is quite keen on Bitcoin, to say the least.

It is also good to see most of the Bitcoin trading volume come from fiat currency markets once again. Although the ETH/BTC market on Poloniex is also contributing a fair amount of volume, there are seven fiat currency trading pairs in the top 10. Interestingly enough, all of the Chinese exchanges generate virtually the same volume the past 24 hours, yet they still have the Bitcoin price listed above $4,000 right now. It will be interesting to see how this situation plays out in the coming days and weeks.

People who recently invested in Bitcoin have nothing to worry about by any means. The price will rebound eventually, although it may take a few days or weeks, depending on how things are going. It seems there’s plenty of volume and momentum to successfully push the Bitcoin price back over $4,000 before the weekend. Then again, cryptocurrency markets are incredibly difficult to predict, as it doesn’t take a whole lot of money to make things move in a certain direction. The coming days will be quite interesting as far as Bitcoin is concerned, that much is evident.

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