Bitcoin has dropped by 4.45% to $5,342 and crypto market losses more than $10 billion as altcoins fall further. Meanwhile, the traditional market is in a precarious situation as 2018 proves to be a rough year for the global market as well.
Blood in the Crypto Street
At the time of writing, Bitcoin has been trading at $5,342 with a loss of 4.45 percent. The leading cryptocurrency with a market cap of $98 billion dropped down to $5,289 level. As Bitcoin took a hit, altcoins dropped further and total market cap slid down to $174 billion.
The top cryptocurrencies are down between 5 to 12 percent range. With over 17 percent losses, Maker (MKR) is losing the highest while Factom (FCT) is up by 32 percent.
The bear market is expected to spill even more blood as experts and technical indicators call for more losses. Meanwhile, Binance CEO, Changpeng Zhao shared an encouraging Tweet,
been through this many times already. Secret of success? Keep your head down and build.
— CZ Binance (@cz_binance) November 19, 2018
Mati Greenspan, senior analyst at eToro took to Twitter to share the positive sentiment as he said “Definitely a buyer’s market,” and further shared eToro’s clients’ position at this point,
Clients @etoro have used this crypto price drop to increase their BTC stacks.
The red circle shows a small yet clear uptick in client holdings since November 14th. pic.twitter.com/pw51UjZU2X
— Mati Greenspan (@MatiGreenspan) November 19, 2018
Global Markets & Dollar Wary as well
2018 hasn’t been a rough ride for the crypto market only, financial markets suffered just as bad. The global bond and equity market have shrunk about $5 trillion. And this has been the biggest shrinkage since 2008’s financial crisis. Additionally, the FTSE-All World stock market index lost 5 percent in 2018 resulting in the loss of $3.6 trillion market cap.
This has led to an increase in the interest rates resulting in losses by almost every major asset class this year. Vinay Pande, the global head of trading strategies at UBS Wealth Management says, “Markets will be nervous when we move from one environment to something new.”
The recent corrections going on in the markets according to Goldman Sachs’s chief global equity strategist Peter Oppenheimer:
“If we benchmark the way equities have moved against macro variables, we think they have now overshot the current slowdown and are implying a much further slowdown from here overshot on the downside.”
He further said, “We have low returns across all markets as we expect profit to slow and valuations no longer to rise. Most of our forecasts are implied by single digit earnings growth.”
However, after US President Donald Trump said further tariffs on Chinese goods won’t be imposed, Dow futures, S&P, and Nasdaq are showing positive openings.
When it comes to the dollar, after last week’s biggest weekly drop in about two months, the dollar was steady. Jane Foley, head of FX strategy at Rabobank based in London said, “Dovish Fed comments on Friday gave some encouragement to investors to take profits on dollar positions which have risen in recent weeks.”
While newly appointed chair of Fed, Richard Clarida cautions for a slowdown in global growth and Robert Kaplan, Federal Reserve Bank of Dallas President said he is seeing a slowdown in the growth in China and Europe as well.
As for gold, its prices edged lower after rising for four sessions consecutively and spot gold is also down by about 0.1 percent.
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