Newsflash: Bitcoin Price Stumbles Below $4,000; No Fret, A Swift Rebound is Coming

In the past several hours, the bitcoin price slipped below the $ 4,000 mark from $ 4,035 to $ 3,934, recording a 1 percent drop against the U.S. dollar. Given the fact that it took nearly three weeks for bitcoin to break out of the $ 3,000 region and reach $ 4,000, the sudden drop in the price of bitcoin below the $ 4,000 level initially led traders to reconsider the near-term price trend of the dominant cryptocurrency. However, as bitcoin fell, many alternative cryptocurrencies and major crypto assets, which have continuously demonstrated fairly large gains against bitcoin in recent weeks, maintained their value fairly well,

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Traders: Bitcoin Trend Looking Ugly, Why a Slow Drop Below $3,000 is Expected

In the last 24 hours, the crypto market has slightly declined by $ 2 billion in valuation as the Bitcoin price fell by one percent. The decline in the value of major crypto assets in the likes of Ripple (XRP) and Ethereum (ETH) which recorded drops in the range of three to five percent prevented the market from continue recovering. From January 30 to January 31, the crypto market seemed to be rebounding as its valuation rose from $ 111 billion to $ 115 billion. But, in the past 12 hours, the valuation fell back to $ 112 billion, unable to sustain its momentum.

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