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There is a lot of blood in the water for Monero traders right now. A massive sell-off of this currency has caused its value to dip by nearly 3% overnight. Rather surprising, considering how the Bitcoin price held its ground without problems. For now, it appears Monero will have to find its new bottom. Then again, this currency has a tendency to go up again after losing value, so no one knows for sure what will happen.

Monero Takes A Big Dip

It is evident something went wrong for Monero late last night. Around the midnight mark, a small downward trend was forming on the charts, which plateaued a few times in quick succession. Shortly after that, there are multiple sharp dips on the charts, resulting in a 2.67% value decline. A bit of a surprise, as there is no indication as to why this happened.

One thing that does stand out is how the XMR trading volume is drying up once again. With less than 10,000 XMR traded in the USD market yesterday, it seems speculators had an easy time crashing the price. Today’s volume is not faring much better, which may hint at future dips over the next few hours.  Without enough volume to counter the downward trend, Monero may go down a slippy slope in quick succession.

Interestingly enough, Monroe also lost a fair bit of ground in the Bitcoin market over the past few hours. Even though there are signs of recovery already, it has been some time since XMR dipped so low compared to Bitcoin. At its lowest point, the value went below 0.0127, whereas it held around 0.013 for quite some time. It is expected this price point will be reestablished in the coming hours, although it remains to be seen for how long.

Poloniex remains the primary trading platform for XMR and BTC right now. HitBTC is falling well behind the curve right now, despite making some headway a few days ago.  Kraken is getting well ahead of Bitfinex right now, which is to be expected. Unfortunately for Monero, it appears all of these platforms will facilitate further losses for Monero as time progresses. All signs point towards a further price decline right now, and it will be difficult to change the tide.

Header image courtesy of Shutterstock

About JP Buntinx

JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.