Market Update: Crypto Market Tanks Under $1.4 Trillion, BTC Down 7%, ETH Down By 9%

It’s not a pleasant Sunday for crypto investors as there’s a fresh bloodbath all over the Satoshi Streets. The overall cryptocurrency market is down 8.39% slipping under $1.4 trillion as of writing this story.

The world’s largest cryptocurrency is down 7% and is currently trading at $34,632 with a market cap of $629 billion. Bitcoin fails to hold crucial support levels and amid the recent crackdown by China on local miners, the Bitcoin network hashrate has also tanked further 30%.

After hitting $40,000 last Tuesday, Bitcoin has been continuously trading under pressure and the next level seems to be $30,000 as of now. As Bitcoin has been showing correlation with the equity market in recent times, it is at risk of further price fall if Wall Street comes under pressure.

Citing the strength of the U.S. Dollar Index (DXY) analyst Willy Woo 지적 that money has been flowing back to the USD as investors look for security. This can possibly lead to weakness in the equity markets going ahead. Thus, BTC remains at a risk of further correction from this point onwards.

A Quick Look at the Altcoin Market

Ethereum (ETH) is down 9% today moving closer to $2000 levels but holding well above. After hitting its all-time high of $4400 in mid-May, ETH has been trading sideways for a while now. The ETH price is more than 50% down now.
Dogecoin (DOGE) and XRP are the biggest losers in the top ten list crashing 13% as of writing this story.
Polkadot (DOT) gained momentum last week moving past $25 has corrected 20% since then. Today, the DOT price is down by 10% slipping under $20.

Overall market scenario clearly remains bearish at this stage and bulls are having a tough time. Profit booking has ensued at every price rise over the last week. It is quite a wait and watches moment as data from market whales and retailers give mixed signals.

책임 부인

제시된 내용은 저자의 개인적인 의견을 포함 할 수 있으며 시장 조건에 따라 달라질 수 있습니다. cryptocurrencies에 투자하기 전에 시장 조사를 수행하십시오. 저자 또는 간행물은 개인 재정 손실에 대해 어떠한 책임도지지 않습니다.

저자에 관하여

Bhushan은 FinTech 애호가이며 금융 시장을 이해하는 데 좋은 재능을 가지고 있습니다. 경제 및 금융에 대한 그의 관심은 새로운 신흥 블록 체인 기술 및 암호 화폐 시장에 대한 관심을 끌고 있습니다. 그는 지속적으로 학습 과정에 있으며 자신이 얻은 지식을 공유함으로써 동기 부여를 유지합니다. 자유 시간에 그는 스릴러 소설 소설을 읽고 때로는 요리 기술을 탐구합니다.