bitcoinAlthough it showed a sideways movement in yesterday’s trading hours, it started Friday with a sharp decline, touching the $21,500 level. Ethereum also exhibited a similar decline, falling to around $ 1760. While other altcoins in the market are losing value; Ripple fell 7% and Solana fell 12%. According to CoinMarketCap, the overall market cap fell 4.2% to around $1.07 trillion.
Bitcoin’s plunge below $22,500 broke a string of increasingly higher local lows and officially eliminated the bullish corridor on the last two-month chart. Currently, BTCUSD is testing the 50-day moving average, which could act as a bullish trend indicator.
The current dip and bottom has brought the challenge back into play for the 200-week average currently close to $23,000. Closing the week below this level may trigger large liquidations.
AltcoinsStocks lose even greater value, which naturally results in investors taking their profits and leaving instead of looking for new investment options.
Additionally, the weakening of global stock indices and the worsening macroeconomic environment also raise concerns. At the same time, cryptocurrency market is no longer oversold but not yet attractive for long-term investors.
It seems that similar sharp market movements will continue to be seen in the coming months.
What Is The Press Saying About Bitcoin?
Former head of BitMEX crypto exchange Arthur Hayesdiscussed two scenarios after Ethereum’s switch to Proof-of-Stake (PoS) mining algorithm. If the fork fails, ETH could drop sharply but stay above $800. If the merger is successful, an ETH rally can be expected, although it may be delayed as in the case of Bitcoin halving.
Korean authorities continue to investigate 16 crypto exchanges accused of violating local laws and providing digital asset trading services to Korean citizens.
Tether, the largest issuer of USDT stablecoins by capitalization, has announced a partnership with accounting firm BDO Italia. Tether plans to move from reporting quarterly financial results to monthly reporting.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.