Crypto market is losing 30 billion USD in solid correction: Bitcoin price drops by 9%
Home News crypto market is losing 30 billion USD in solid correction: Bitcoin price drops by 9%
Marcus Misiak –
The correction that everyone has been waiting for the massive price increases of the vergegangen days, occurred last night. The Bitcoin exchange rate has fallen to 9 percent, and Ethereum (ETH), all the other Altcoins were significantly recorded greater losses in the double-digit range except.
The crypto-currency market was in may strongly bullish. Since the beginning of the month, the markets have risen by about 50 percent. The total market capitalization reached a Ten-month high of 264 billion US dollars. This epic rally was driven largely by Bitcoin. In such a fast Win, however, it is very likely that there will be a correction after the Overheating of the market. This seems to be just a few hours ago with Bitcoin happened.
According to the data from trading view is the Bitcoin exchange rate stood at 4:45 o’clock German time at 7.730 US Dollar, after the price has fallen in the previous hours easily. Within 20 minutes, the BTC price after that, however, decreased to about 1,050 USD 6.251 USD to recover to within around 20 minutes on 7.358 USD. Within the last 24 hours, the BTC price has recorded a loss of approximately 9 percent. This sudden decline has dragged the entire market down, and the total capitalization to $ 30 billion schrumpen.
As expected, it has caught the Altcoins in the most part, even harder than BTC. Ether (-7%) with the exception of the Altcoins, there were significant double-digit losses for the past 24 hours: XRP (-14%), Stellar (-15%), Cardano (-15%), Bitcoin, Cash (-12%), Litecoin (-12%), EOS (-10%), Binance Coin (-10%) and IOTA (-12%).
The reasons for this is speculated in the social media, of course, again violently. Thus, it is rumored that the sell-off was the result of a massive sell order at Bitstamp, if any, was initiated by a group of traders based in Asia, to press the price. As a result, were liquidated on the stock exchange BitMEX long positions in the value of $ 250 million.
Interestingly, analysts have warned for days before a significant correction. On Thursday, the popular Analyst Filb Filb noted that the Long-has a Short ratio on Bitfinex “atomized”, which would put Bitcoin under pressure. In addition, the Buy took Support on an hourly basis. Filb expected that Bitcoin will go to the 0,618 (61.8%) is the Fibonacci Retracement level at about 5,200 U.S. dollars, he believes that it “could be the last Chance of the BTC is accumulated, possibly ever”.
Josh Olszewicz from Brave New Coin pointed a few days ago, also the fact that the bitcoin Chart after a pullback screams “under $ 7,000”. As a reason, that the Ichimoku Cloud, a collection of indicators used to identify Trends, dynamics and key levels, shows that BTC is overbought. The current Bitcoin price (at the time of writing) is 7.212 of the US Dollar. Thus Olszewicz might be right. As it goes now, if Europe and the US to Wake up with the red, but can show only the next few hours.
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