Crypto market enthusiasts experienced a seemingly bumpy start to the weekend as Bitcoin glided by 7% to near $35,500 in its recent downward slump.
With many experts expressing growing concern on the volatility of the digital market, this fresh dip suggests that retail players will most likely dominate the the preceding trade sessions on relatively thin exchange.
Last weekend, its price hit a 10% high; only to drop by 18% in 24 hours. Regardless, it recorded a 44% selloff from the peak of $63,000 it reached in April.
Swissquotes senior analyst – Ipek Ozkardeskaya, opined that a hectic weekend is very feasible for traders.
“Looking at the unrest across the crypto market, there is a chance that we see another hectic weekend trading in Bitcoin and other cryptocurrencies,” he said.
Meanwhile, Bank of Japan Governor – Haruhiko Kuroda, joined a list of top-tier central bankers to lend their voices to the recent volatility of the crypto market.
“Most of the trading is speculative and volatility is extraordinarily high.
“It’s barely used as a means of settlement,” he stated.