Hello dear friends, the cryptocurrency market does not stop generating shocking news minute after minute, since yesterday November 8 the price action experienced a percentage decline of more than 15%, such is the case of Bitcoin that today fell to $ 15,000 marking the largest depreciation of the current downward cycle.
The truth is that the most well-known cryptocurrencies extend their heavy losses this Wednesday with falls of more than double digits that are superimposed to those registered between Monday and Tuesday on account of the last episode of crisis in the sector, a problem that has been associated to what happened between Binance and the apparent rescue or purchase of the FTX platform.
Hive has been one of the cryptocurrencies that according to Coingecko data in the last 24 hours our cryptocurrency has retreated a little more than 26%, which led the price to touch the $0.29 support.
Our cryptocurrency Hive is not the only one to plummet more than 26%, and that cryptocurrencies with larger market capitalization as Solana (SOL) fell a little more than 40% and at the time of writing this publication its price recorded 14.28 dollars, Kava (KAVA) was another cryptocurrency to lose more than 27% in percentage terms, registering a price of 0.827 dollars.
Now, among the different analyses there are different opinions about the movement of cryptocurrencies in the coming days, because although in the medium and long term there are still bullish expectations, we must take into account that soon the FED will make new announcements.
In this sense, it is likely that the FED will continue with the strategy of raising interest rates, which would have a direct impact on cryptocurrency prices, according to the high correlation that the cryptocurrency market has shown with traditional markets.
I would like to know your thoughts on: What will be the direction in price that Bitcoin and specifically Hive will take in the next few days?.
SOURCES CONSULTED
Coingecko. Hive Price Chart (HIVE/USD). Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Criptonoticias.
