Crypto Markets Dump $55 Billion as Bitcoin Correction Deepens

2019-6-29 10:00

An inevitable correction has begun since crypto markets hit their giddy heights of $387 billion market capitalization on Thursday. Saturday morning paints a different picture as Bitcoin cools off heading south in a predicted pullback.

Crypto Correction Deepens

Since Thursday’s Bitcoin and crypto market peak things have taken a predictable turn south. Bitcoin fell from its 15 month high of $13,800 down to $10,300 marking a 25 percent decline. Yesterday BTC appeared to recover a little, getting back to $12,400 for a few hours but it has started to fall again during the morning’s Asian trading session.

At the time of writing BTC had dropped back to $11,500 which is over 16 percent down in two days. It is now sitting on a support level which, if broken could lead to further losses back below five figures. This wouldn’t be too bad in reality; a 30 percent plus correction will be back at $9,500 where more accumulation is likely to occur.

Crypto trader ‘SalsaTekila’ concurs that further losses could be on the cards with a resistance level way below $9k.

$BTC looks like ass below ~12'400$, I think more blood. pic.twitter.com/OMqxocsSO5

— SalsaTekila (JUL) (@SalsaTekila) June 29, 2019

Analyst Luke Martin is a little more bullish however:

“If $BTC bounces here off support and moves higher I can’t wait to see the Bitcoin up on news that Xi and Trump agree to restart trade talks narrative”

If $BTC bounces here off support and moves higher I can't wait to see the Bitcoin up on news that Xi and Trump agree to restart trade talks narrativehttps://t.co/whXLOeX4Ek pic.twitter.com/ZHcfFN7UZo

— Luke Martin (@VentureCoinist) June 29, 2019

Total crypto market capitalization as shrunk by $56 billion since Thursday. Currently it is just over $330 billion as record trading volumes trail off to below $100 billion. Yesterday saw a lower high so a lower low could follow as the pullback accelerates.

Altcoins In A World Of Pain

There has been a lot of talk of altseason last week and many expected some kind of movement when BTC finally corrected. Clearly the altcoins are still hopelessly coupled to Bitcoin as they have all plummeted, most by double digits, during Thursday’s rout.

Ethereum, which had been making slow but steady progress, had fallen back below $300 again. This still makes ETH an attractive buy at 78 percent off its all-time high. XRP hadn’t really moved a lot during Bitcoin’s epic rally but the Ripple token has dumped 16 percent over the past couple of days, back to $0.41.

Bitcoin Cash has been relatively unscathed, remaining above $400 and flipping Litecoin for fourth spot. Litecoin has been hit hard, falling 20 percent on the week back to $117. LTC momentum is likely to pick up again though as the halving, which is only 37 days away, approaches.

Other altcoins have also been trounced, EOS is back at $6 while Cardano, Tron and Stellar have declined considerably. Altseason is still clearly nowhere to be seen yet as Bitcoin continues its correction.

Image from Shutterstock

The post Crypto Markets Dump $55 Billion as Bitcoin Correction Deepens appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0036457 (-100%)

crypto bitcoin correction markets deepens billion thursday

crypto bitcoin → Результатов: 126


Фото:

Crypto’s winners and losers: who’s cashing in on the Bitcoin boom?

The cryptocurrency world is awash in new wealth as Bitcoin’s record-breaking climb above $90,000 propels the total value of digital assets past a staggering $3.2 trillion. Forbes estimates that 11 of the top crypto billionaires, whose holdings are predominantly liquid tokens and stocks, have collectively added $38 billion to their fortunes in 2024. Remarkably, $24 […]

2024-11-20 14:48


Bitcoin Price Breaks $60K – Why Is The Crypto Market Up Today?

This is turning out to be a great week for crypto. Bitcoin price just broke past the $60K level for the first time this month. In fact, remember how everybody was saying September is historically bad for crypto? We’re almost halfway through the month, and this is, for now, a “green” month since the BTC […] The post Bitcoin Price Breaks $60K – Why Is The Crypto Market Up Today? appeared first on CaptainAltcoin.

2024-9-14 00:52


Ethereum Price Prediction: Crypto Expert Says ETH Is Yet To Bottom Against Bitcoin

A crypto analyst has predicted when Ethereum, the world’s second-largest cryptocurrency, will bottom against Bitcoin, however, under certain conditions.   Analyst Predicts ETH/BTC Bottom Timeline In a recent X (formerly Twitter) post, crypto analyst and founder of ITC Crypto, Benjamin Cowen, shared his forecast regarding the Ethereum to Bitcoin price ratio, projecting the timeline for when ETH/BTC would hit its lowest value in the current market cycle.

2024-5-1 00:00


Samourai Wallet founders’ arrests are ‘a wake up call for crypto’ — Bitcoin pioneer Amir Taaki opines

Bitcoin pioneer Amir Taaki responded to US charges against privacy wallet Samourai & its developers, stating the action reveals that the state targets crypto innovators. The post Samourai Wallet founders’ arrests are ‘a wake up call for crypto’ — Bitcoin pioneer Amir Taaki opines appeared first on Crypto Briefing.

2024-4-29 20:08