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November 27th Crypto Market Analysis

[Bitcoin continues to fall]

Bitcoin continues to fall showing a 15% drop overnight, a USD 3,000 drop leaving it at USD 16,400.

Bitcoin’s criticism is growing at the same speed as its sudden drop as of late. For example, one of btc’s biggest critics also known as “Dr. Doom,” famous US economist and professor at Stern, Nouriel Roubini, states there has never been a more manipulated commodity than bitcoin regarding its sudden drop overnight. “As in 2018, its re-entry has been led by private investor whales manipulating the market,” according to Mr. Roubini.   

Additionally, another well-known critic of cryptocurrency, Peter Schiff tweeted, “I think its [sic] improper for @michael_saylor to gamble shareholder funds on #Bitcoin,” Nasdaq listed Microstrategy has purchased 38,250 bitcoins at an aggregate price of USD 425 million inclusive of all fees and expense since this past September.  

Furthermore, the CEO of a large Chinese Mining Pool BTC.TOP, Zhang Zuel, said on "Weibo, a Chinese version of Twitter the previous day that he believes the whole bitcoin point will not break easily and that a breakthrough will most likely come in January of the new year. He also went on to say that the real starting point is now. He also went on to say that there may be price adjustments in the 30% variation range and that new institutional investors getting into the crypto market may feel its volatility. Even major Altcoin prices have plummeted simultaneously. ETH has fallen 8.91% to USD 519 while XRP has fallen 15.39% to USD 0.5337 in the past 24 hours. 

[Expert opinion]

Major Altcoin as well as its predecessor Bitcoin have plummeted. However, in the face of Bitcoin’s bullish run, such an adjustment is necessary. There is a good chance the market will see a similar pattern of 30% adjustments followed by recoveries in the same day as it did back in 2017.

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