Big took a tumble this week with prices dropping 12 per cent to below 30000. 00 the sharp decrease follows record highs from earlier this month when bitcoin hit nearly 42000. 00 while some say this shows just how unstable the currency can be others say more record highs are still to come so joining me now to go further and theres boom bust cohost christiane i now kristie bitcoin sustained some heavy losses this past week so what caused a steep sell off and is this the beginning of a downward trend. No i wouldnt call it a downward trend but it is going to face downward pressure here as it when you establish its support at 32000 so as you pointed out it did break 30000 but as of right now its trading already up almost at 34000. 00 so there are a few reasons why that point dropped so heavily so suddenly so firstly you have the Options Market that was already getting overheated as we stated before with the growing put options so there was about 3100000000. 00 and notional open Interest Rat
That was probably possibly led to a panic drop in short period so just like 2 weeks ago a panic sell off ensued when prices dipped below 33000 and most of it came from leverage traders who once again cost a domino chain effect once they got blown out of their positions and also you have many novice traders stepped in to buy because when did you follow my considerably higher prices and then they quickly got scared and cashed out as well so you have this massive wall a sell orders in a very short period of time which drove the price down parts so on the flip side of that it was also pointed out that on january 19th the bitcoin fund greyscale they added a Record Number of 16244. 00 bequests now thats roughly 607000000. 00 in one day to its total holdings now that is 18 times the amount of new bequests as my days showing considerable demand and still considerable appetite for Institutional Investors so while there is a lot. Panic selling from people who cant stomach a little bit of volatil
Bouncing off of being unable to break through 35. 00 it just sold off from there so were now consolidating at the 32000. 00 range where traders are going to be watching for another run attempt at 35000. 00 for confirmation of where prices will be headed next so we could see me a little range bound here and so finally also have the skin of the sell off and that was probably possibly lead to a panic drop in short period so just like 2 weeks ago a panic sell off ensued when prices dipped below 33000 and most of it came from leverage traders who once again caused a domino chain effect once they got blown out of their positions and also you have many novice traders stepped in to buy because i did you follow my considerably higher prices and then they quickly got scared and cashed out as well so you had this massive wall a sell orders in a very short period of time which drove the price down parts so on the flip side of that it was also pointed out that on january 19th the bitcoin fund greys
Be watching for another run attempt at 35000. 00 for confirmation of where prices will be headed next so we could see. A little range bound here and so finally also have the skinny to the sell off and that was a problem possibly led to a panic drop in short period so just like 2 weeks ago a panic selloff ensued when prices dipped below 33000. 00 and most of it came from leverage traders who once again caused a domino chain effect once they got blown out of their positions and also you have many novice traders stepped in to buy because i did you follow my considerably higher prices and then they quickly got scared and cashed out as well so you had this massive wall a sell orders in a very short period of time which drove the price down parts so on the flip side of that it was also pointed out that on january 19th the bitcoin fund greyscale they added a Record Number of 16244. 00 bequests now thats roughly 607000000. 00 in one day to its total holdings now that is 18 times the amount of
Battle in its fight to get back online and its now being used as a case study in the fight over free speech on social media we have a lot to get to so lets get started. We began with the latest in the crypto world big tumble this week with prices dropping 12 percent to below 30000. 00 the sharp decrease follows record highs from earlier this month when bitcoin hit nearly 42000 while some say this shows just how unstable the currency can be others say more record highs are still to come so joining me now to go further and that theres boom bust cohost christiane i now kristie bitcoin sustained some heavy losses this past week so what caused a steep sell off and is this the beginning of a downward trend. No i wouldnt call it a downward trend but it is going to face downward pressure here as it when you establish its support at 32000 so as you pointed out it did break 30000 but as of right now its trading already up almost at 34000. 00 so there are a few reasons why that point dropped so h