Bitcoin and other cryptocurrency prices suddenly dropped lower sharply after weeks of uneasiness.
The bitcoin price dropped under $30,000 per bitcoin as smaller cryptocurrencies, including Binance’s BNB, ethereum, Cardano, and dogecoin, reported double-digit rate losses, losing $200 billion in value last week.
The sudden bitcoin and crypto decrease matches with a global stock market sell-off. Besides, the Dow Jones Industrial Average saw its most significant one-day point drop Yesterday since October. It resulted from fears that the highly contagious Covid-19 Delta variant might set back economic recovery efforts.
In the crypto top ten, ethereum compete for BNB, and Cardano drove the market lower with over 10% sell-off. In comparison, ethereum showed around 8% lower. Ripple’s XRP was 10% lower, with Elon Musk’s project dogecoin off by 8%. The bitcoin price decreased by just higher than 6%, adding to losses of 11% this past week.
Senior financial analyst at FxPro, Alex Kuptsikevich, said that Bitcoin’s motion range declined, forming a powerful exit. He also warned that the bottom might fall out of the bitcoin market.
He also talked about a sequence of increasingly lower highs which is an important selling factor. There is a fear of missing crypto, which is why consolidation is frequently frustrating for speculators. The main question is if bitcoin falls near $23,400, as it paused last Christmas. He said that it is impossible to rule out that with colossal liquidation of margin positions because the price will get closer to the gap at $19,000. Overall, such a reversal might be a copy of the 2018 crypto winter. It might be opening possibilities for a price collapse to near $10,500 and canceling the rally after 2020.
The bitcoin price appears to be frightened by a halt order issued to BlockFi by the New Jersey Office of the Bureau of Securities last night.
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