The market value of Bitcoin as the price continued to surge in May was the story of the month. Unfortunately, a one-day loss of $19 billion in value on May 30 was the top story heading into June. The story was detailed on the Yahoo Finance page by Joseph Young on June 2. So, how does Bitcoin’s $19 Billion dollar loss in one day rock the entire cryptocurrency market?
Trading at the $9000 level last week, Bitcoin (BTC) dropped all the way down to $8000 in a very short amount of time. The actual selloff took place in a matter of hours, dropping the value 11 percent. The time frame was so short that it did not appear on market charts. Rather, the price quickly rebounded to $8300 after the steep decline. Early trading in June has the price advancing as a much slower pace.
What this means for the crypto industry as a whole remains to be seen. Industry critics have already attributed BTC’s rebound from a low near $3000 to rampant market speculation. They do not believe the rally is based on any solid market factors. The crypto bulls are still charging. They attributed this one-day selloff to a blip on the radar screen. One of the comparisons was BTC’s strength against the dollar for most of May.
The affect of the May 30 drop was felt throughout the crypto industry. Ether, Bitcoin Cash, Litecoin and XPR all lost approximately nine percent of their market value that day as well. BTC’s rapid recovery cut its market value loss to around five percent.
Josh Rager and Cred is a popular technical analyst for the crypto financial sector. This firm has set $8200 as the bottom level to sustain the current bull run. That level of support would keep the value from retreating back into the $7000’s. The last time the market value dipped below the $7000 support level was on March 17. Since then, BTC values have continued to increase with more and more investors getting on the crypto bandwagon.
Cred cited the $8200 support level in a recent interview with Cointelegraph concerning the future market outlook. The company still has $9600 as a realistic target for the price of BTC.
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