The cryptocurrency market continues to be under pressure, the price of Bitcoin went below $34000 today, and the risk of further declines is not over yet. PotCoin POT/USD is also losing its value, and in a very short period, this cryptocurrency price has weakened from $0.062 to $0.010, and the current price stands around $0.019.
Fundamental analysis: PotCoin allows cannabis enthusiasts to interact and transact mutually
PotCoin is a digital cryptocurrency solution for the global cannabis industry that allows cannabis enthusiasts to interact and transact mutually. Its creators wanted to solve banking problems for people looking to transact in legal marijuana since banks cannot legally conduct pot-related business.
The PotCoin network is truly decentralized, transparent, and available from anywhere in the world. PotCoin was created in 2014, but it becomes popular thanks to the exposure garnered by a famous basketball player Denis Rodman.
PotCoin’s liquidity has risen dramatically since the beginning of 2021, and the price of this cryptocurrency advanced above $0.060 resistance on 18th April. Since then, the price has collapsed, daily trading volume has weakened, and traders remain concerned that it may take a long time for prices to see any more significant recovery.
The cryptocurrency market is losing its value this Sunday, the price of PotCoin can weaken even more in the upcoming days, and probably it is not the best moment to buy this cryptocurrency. Scott Minerd, an analyst from Guggenheim Partners, said that Bitcoin could retest the $20,000 support level, and if this happens, all other cryptocurrencies could be at much lower price levels.
“Margin trading helped retail traders gain crypto exposure, but as we saw, digital currencies suffered a painful fall. The cryptocurrency crash highlighted the risks associated with using
