Well, the climate is all summery now but the crypto markets are still feeling some chills from crypto winter. In early trades in Asia crypto markets saw some sell-off as all top coins apart from stablecoins saw a sizeable collapse with all coins down 2% to 5%
Crypto Markets lose USD 4 billion among fresh declines
Most of the crypto market decline was unstoppable in early hours of trade in Asia and Europe as all major cryptocurrencies declined to loose out USD 4 billion. The top coin, Bitcoin, was closing up on USD 3900 when the prices began to collapse taking it down to as low as 3680 levels.
The entire market was bleeding while going to press with EOS taking the worst hit of 9.24%. While Bitcoin was down 2.67%, Ethereum was down 6.02%. XRP, Litecoin, Bitcoin Cash, Tron, and Binance Coin was all down 2.94%,5.41%,5.65%, 6.64%, and 3.15% respectively.
The only coin in the top 10 that was in green was the controversial Tether which was mildly up considering a lot of people took shelter to escape this downside volatility. The next 10 coins, from 11 to 20 ranks were also down 2% to 5% thus narrowing the complete Market Cap from $129 billion to the current $125 billion.
Technical Weakness Leads to this fall
While there was no major fundamental news or reason that could have led to this collapse, it looks like the fall was credited to technical and sentimental reasons. A lot of technical analysts felt that after the spike in prices of Bitcoin to USD 4200, the top coin was expected to sit above USD 4000 to prove its strength. But its collapse again to USD 3700 levels prove that rally had no strength and the investors felt tired leading to the selloff. While USD 3650 stands at as key support, a lot of analysts believe USD 3700 is key if bitcoin needs to bounce back
While the Bitcoin looks settled above USD 3600 any sentimental negative news can take it further down. Recovery currently looks an uphill task as there is nothing on the table to push bitcoin up.
Will Bitcoin Prices see a rally or will they break hell on the downside? Do let us know your views on the same.