Crypto Market sees massacre as EOS, Litecoin, Ethereum Bitcoin Money and Tron bleed greater than 5%
Well, the climate is all summery now, but the crypto markets are still feeling the chills from the crypto winter. There was some sell-off in the early deals in the Asian crypto markets as all top coins except stable coins saw a sizeable collapse and all coins fell 2% to 5%
Crypto Markets are losing $ 4 billion on recent declines
Most of the decline in the crypto market was unstoppable in the early hours of trading in Asia and Europe as all major cryptocurrencies saw a $ 4 billion decline. The top coin, Bitcoin, closed at USD 3900 as prices collapsed and fell to 3680.
The entire market was bleeding at press time, with EOS scoring the worst at 9.24%. While Bitcoin fell 2.67%, Ethereum fell 6.02%. XRP, Litecoin, Bitcoin Cash, Tron and Binance Coin all fell 2.94%, 5.41%, 5.65%, 6.64% and 3.15%, respectively.
The only coin in the top 10 that was green was the controversial tether, which rose slightly considering that many people sought shelter to escape this downward volatility. The next 10 coins, from 11 to 20 ranks, also fell 2% to 5%, reducing the total market cap from $ 129 billion to the current $ 125 billion.
Technical weakness leads to this fall
While there weren’t any major fundamental news or reasons that could have led to this breakdown, it looks like the decline was due to technical and sentimental reasons. Many technical analysts believed that after Bitcoin’s price spiked to USD 4200, the top coin is expected to be above USD 4000 to prove its strength. However, the renewed collapse to USD 3700 shows that the rally was lacking strength and investors were feeling tired, which led to the sell-off. While USD 3,650 is serving as key support, many analysts believe that USD 3,700 is key if Bitcoin needs to get back on its feet
While the Bitcoin appears to have settled above USD 3,600, sentimental negative news can bring it down further. Recovering it seems like a difficult task at the moment as there is nothing on the table to drive Bitcoin up.
Will bitcoin prices rally or will they break all hell down? Let us know what you think about it.
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