Bitcoin and Other Top Crypto Tokens Plunge in Deep Red
Bitcoin and other top crypto tokens were trading in deep red on Friday. A sudden liquidation over the last few hours led to a suffering of $1 billion as digital-asset markets witnessed one of their worst sell-offs of the year, with bitcoin’s price falling to a two-month low. The trading volumes of the crypto market also spiked suddenly.
Bitcoin, Ethereum, and Altcoins Under Selling Pressure
Bitcoin, the largest crypto token, was under deep selling pressure as it dropped as much as 8 per cent to slip below $26,500-levels. Similarly, Ethereum plunged 7 per cent to barely hold the $1,675-mark, while altcoins were suffering intense losses of up to 18 per cent.
Crypto Market in Second Consecutive Day of Sharp Fall
The crypto market has continued to sharply fall for the second consecutive day. The mass sell-off led to a plunge in the crypto fear and greed index, down 13 points, entering the fear zone for the first time in over 5 months with a score of 37/100, according to Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
Judge Grants Approval to SEC to Appeal Ruling in Ripple Labs Case
“A US judge granted approval to the SEC to file a motion to appeal the recent ruling which favored Ripple Labs regarding retail sales of XRP,” Chaturvedi added. “In other news, there has been a potential devaluation of the Chinese Yuan, which is trading at the weakest level since 2007.”
Top Crypto Tokens Witness Bleeding
All other top crypto tokens also bled on Friday. XRP plunged as much as 17 per cent, while Litecoin tumbled 14 per cent. Shiba Inu and Dogecoin also posted double-digit cuts, tanking up to 12 per cent. Toncoin and Polygon shed 9 per cent each, while Solana was down 8 per cent.
Global Crypto Market Cap and Trading Volumes
The global cryptocurrency market cap was trading sharply lower, falling down to $1.06 trillion as it dropped as much as 7 per cent in the last 24 hours. However, the total trading volumes surged almost 77 per cent to $65.1 billion.
Tech View by Giottus Crypto Platform
According to Giottus Crypto Platform’s tech view, Bitcoin’s price experienced a sharp decline following wider negative sentiments in the market post Evergrande bankruptcy filing and reports of SpaceX selling off their BTC portfolio. The asset plunged to two-month lows near $25,200 but quickly regained some value and is currently trading at $26,500.
Key Levels and Recommendations
Bitcoin’s price action has experienced a valid bearish entry as it broke below the key 200-day EMA range. If there is any upside momentum, additional gains could potentially drive the price towards the resistance levels of $27,000 and $27,750. BTC’s RSI is currently below 21 and has been on a downward slope in the past week. The asset has officially entered bearish territory.
This article does not represent a financial advice but consult your financial adviser before taking any position in the asset/s mentioned.
I have been writing about crypto for over two years. I have a vast amount of experience in the industry and my work has been featured on some of the biggest publications in the space.
