Bitcoin

missed the $ 17,000 mark, the largest drop since March

The price of Bitcoin (BTC) continued to decline on November 26th as selling pressures turned into huge losses -in US dollars- since March.

Bitcoin price drops more than $ 3,000 in 24 hours

Data from Cointelegraph Markets and TradingView tracked the B.TC / USD lost support at the $ 17,000 mark and hit new local lows of $ 16,300.

At press time, a rebound had secured the $ 16,800 mark, but the high volatility remained. The recent losses continue a downtrend that began overnight on Wednesday, shortly after Bitcoin hit highs of just under $ 19,500.

BTC / USD 8 month daily chart. Source: TradingView
missed the $ 17,000 mark, the largest drop since March
missed the $ 17,000 mark, the largest drop since March

At the same time the great exchange OKEx announced that the withdrawals have restarted. Ki Young Ju, founder of the on-chain analytics service CryptoQuant, highlighted the increase in the activity of OKEx withdrawals to wallets and other exchanges.

“OKEx’s BTC flows to all other exchanges hit 493 BTC at this point“, wrote in his latest Twitter update.

“83% of the total outflow went to non-exchangeable purses, e.g. It could be a long-term bullish signal. “

US Regulations Warnings

Additional bearish fuel came from Brian Armstrong, CEO of Coinbase, who commented Recent rumors suggest that the US is about to introduce a new regime for self-hosted cryptocurrency wallets.

“”If this cryptocurrency regime comes to light, it would be a terrible legacy and it would have had a long negative impact on the United States. Thank goodness they didn’t, “he warned.

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