Bitcoin Drops From $7,900 to $6,600 lately. The cryptocurrency market has decreased to $253 billion, fell $100 billion in the last week. The price of the most known cryptocurrencies like Bitcoin and Ethereum has dropped down by more than 13 percent throughout March 30.

The Crisis Continues

Only in the past 24 hours, Bitcoin’s price has decreased from $7,900 to $6,600, this means a percentage of 12.6 percent. Also, Ethereum had a decline by more than 12 percent, that means that market has lost more than $40 billion.

Bitcoin and generally, all the cryptocurrencies, hadn’t had this price since February this year. Bitcoin, for example, has dropped under $6,000, then having a spike to $12,000, reaching $14,000 including South Korea and Hong Kong.

Bitcoin had maintained its position at $6,600 price, without showing some signs to recover. Volumes on the most of exchanges are relatively low, but in the future these volumes will increase, according to a CCN report.

The most of analysts have trust in the price of Bitcoin that will catch the price of $20,000 until the end of this year, especially if the market will have a recovery in the next months.

Abra CEO Bill Barhydt, declared:

“There really is zero large-scale institutional money from the west in crypto right now. That is happening in Japan. Once a large sizable chunk of Western institutional money starts to come in — watch out”

Because of the law volumes on the crypto market, this could go down in the next days. If Bitcoin don’t manage to sustain its volumes, this could be another bear cycle n the market.

Where Does the Market Go From Here?

Barhydt related that hedge funds, institutional investors, and investment firms are still actively about following the cryptocurrency market. Now they are exploring ways to enter again the market. He thinks that hedge funds will enter into the cryptocurrency market when the market stabilizes.

“I talk to hedge funds, high net worth individuals, even commodity speculators. They look at the volatility in the crypto markets and they see it as a huge opportunity. Once that happens, all hell will break loose. Once the floodgates are opened, they’re opened.”