Bitcoin price has tanked on a massive scale, and swing traders have had their cut of short-term profit. In the third quarter, one of the reasons for the recent crash of BTC values has been indicted upon the collapse of RIOT Blockchain, a bitcoin mining company based in the United States.
In stark contrast to other mining firms, RIOT Blockchain Mining Company has its fundamentals right. However, Riot has been in the red of $36.6 million, or 24 cents per share. Compare it with previous years’ performance which saw a loss of $15.3 million, or 16 cents for each share, per year years back. According to Bloomberg, riot revenue tanked by 28% to $46.3 million, falling short of the $54.2 million analyst estimate.
Bitcoin Price again fell below the psychological barrier of $20K amid a sharp decline. Most investors are now expecting a sell-off. Although it recorded its 10-day lowermost level at $19,344 on Tuesday, now bulls are trying to defend themselves from more decay.
At the time of writing, Bitcoin Price is trading at the $17,214.30 mark, along with a 14.61 % intraday drop as per Coinmarket.com. After reversing from the $20,582.24 day high, the value fell nearly 14.61 % intraday in the last four trading sessions. Thus, Market capitalization fell 13.99% in the previous 24 hours at $329,755,658,640.
The number one crypto asset has the potential to sell more with a rider. If the investors keep the valuation above the next support level of $19,000, it will be a profitable venture, and anything below this will; create an existential crisis. Eventually, the bears dragged the digital asset below the all-vital exponential moving average in terms of the daily price scale.
Bitcoin Price Are In The red
Bitcoin prices are in the red for the third time in succession, and this is represented by the third consecutive bearish candle in the intraday session. The bears are profiting from the 10-day low from the all-important EMA, and if investors cannot hold to the $19K support, BTC values can tank still further.