Bitcoin price drops to USD 9,300

Despite the low volatility that the crypto market had registered in recent weeks. Today, the price of Bitcoin has retreated to USD 9,300.

Bitcoin fell to USD 9,300
The price of Bitcoin fell sharply to $9,300 earlier today. Dropping 3.5% in the last 24 hours, according to our tool Crypto Online. The bearish sentiment is affecting many markets today.

Some analysts had hoped that an upward trend would soon begin, triggered by rumors that PayPal was about to integrate support for cryptomoney.

While factors like this opened up a bullish scenario for the crypt market, the largest currency per cap quickly responded negatively. This is how Bitcoin retreated to USD 9,300.

The altcoin market also suffered significant losses today. The major crypt currencies saw declines of about 3%, and the overall market price saw a decline.

Could the US be on the verge of hyperinflation?

The United States seems to have a very bad outlook due to the economic consequences that the coronavirus pandemic has brought to many countries in the world. Although it seems that the United States has been recovering, there is a risk that hyperinflation could engulf the American country.

In this sense, through Twitter, the Plan B analyst suggested that hyperinflation in the United States could be as bad as in Germany.

All this, after the massive emission of dollars in the last weeks, has substantially increased the supply of American currency.

Strong movements of Bitcoin whales

Whale Alert has reported that Bitcoin whales have been on the move for the past few hours. On a daily basis, Whale Alert tracks transactions made in various block chains, storing the information in its databases in a single standard format.

These movements could have effects within the crypto market, as the market would have experienced low volatility over the past few weeks. However, let’s remember that the price of Iq Option fell sharply earlier today.

There have been twelve trades that Bitcoin whales have made since Monday, we would see them move US$ 342,764,379.69. That is, in 48 hours the whales have mobilized 35,487 BTC.