Bitcoin slides to $16,300, representing losses of more than $3,000 in the last 24 hours.
Bitcoin (BTC) continues to slide today, November 26, with selling pressure now causing the biggest loss since March.
More than US$3,000 loss in 24 hours
As the data from Cointelegraph Markets and TradingView show, the crash of the market leading crypto currency could not be stopped by support at $17,000 either, taking the downturn to an interim low of $16,300.
At the time of going to press, Bitcoin has climbed back up to $16,800, but the price is still fluctuating. With the recent losses, a fresh downward trend continues, which only began on Wednesday morning after the price had previously climbed to $19,500.
The large crypto exchange OKEx had announced during the day that they had released their payouts again. Ki Young Ju, founder of the market research portal CryptoQuant, then noted that there are increased outflows from OKEx towards wallets and other crypto exchanges.
„OKEx’s Bitcoin outflows to other crypto exchanges amounted to 493 BTC at that time,“ Ju writes on Twitter. And further:
„83% of all total outflows went to wallets that do not belong to crypto exchanges. This could be a good sign in the long term“.
The logic behind the analyst’s conclusion is that investors are apparently increasingly choosing to hold their crypto assets for the long term rather than selling them.
Planned crypto-regulation has an additional negative effect
However, there are more negative reports for Bitcoin, because Coinbase CEO Brian Armstrong believes that the U.S. government is planning new regulatory requirements for crypto-wallets that could have far-reaching consequences. Armstrong expects the worst:
„If these regulations are actually implemented, it would be very bad and have a lasting negative effect on the US market. Imagine that in the early days of the Internet, we would have made the same regulations for online companies as for telephone companies. Fortunately, nobody did.“