While Bitcoin prices are traded below $ 48 thousand; Stating that the crypto money market has become fragile with Iran's ban, Huobi Global Research Manager Süllü said, "If news of a new decline comes, the declines may continue due to the fragility of the market."
After the news that Iran banned mining activities until March, the downward trend in cryptocurrencies continues. Beste Naz Süllü, Huobi Global Research Manager, evaluated that "Iran had previously banned miners in May, and the Bitcoin price, which was a bad news at that time , declined to the level of 29 thousand dollars ."
Bitcoin is preparing to complete the month of December with a decrease of more than 15 percent, after a 35 percent loss in value in May. Thus, Bitcoin will show its worst monthly performance since May.
Bitcoin (BTC) saw the lowest level of 47 thousand 337 dollars and the highest 48 thousand 149 dollars during the day; As of 15:00, it fell by 0.02 percent to $ 47,736. Ethereum prices, the second most popular cryptocurrency, saw the lowest level of $ 3,768 and the highest level of $ 3,838 today. Ethereum (ETH) is up 0.89 percent in the following minutes, moving at the level of $ 3,790.
IRAN HAS CHANGED THE STRATEGY, THE MARKET REGISTERED TWO DIGITS WITH THE NEW PROHIBITION
Beste Naz Süllü - Huobi Global Research Manager
The cryptocurrency market has been falling sharply for the past two days. Due to Iran's high energy consumption in the winter months, its short-term trading strategy has also changed due to the mining activities that it has banned until March. Currently, $6 billion in huge options positions will expire this week and the market was under the pressure and volatility of this. With Iran's ban, the cryptocurrency market has become fragile and open to new FUD news. If there is news of a new decline, the declines may continue due to the fragility of the market.
Iran had previously banned miners in May, and the Bitcoin price, which was bad news at that time, dropped to 29 thousand dollars. In the current situation, Ethereum fell below the $ 4,000 level and Bitcoin fell below the $ 48 thousand level. On the other hand, 70% of Bitcoin holders and 80% of Ethereum holders are in profit in Trader positions. After the last two days of sharp decline, the $47,350 level, which coincides with the Fibo'61.8 slice, was tested. Thus, the target of the double top formation, which was formed at the level of 52 thousand dollars, was achieved. At this point, a reaction from the Fibo level can be expected. However, Bitcoin needs to break the $52k level and Ethereum needs to break the $4,300 level.