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Over the past seven days, the cryptography market has declined by more than $ 63 billion, as the major cryptocurrencies have seen double-digit declines.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Bitcoin (BTC), the most dominant cryptocurrency in the market, fell 12% from $ 4,300 to $ 3,800, reach a new annual minimum. At its lowest daily point, on fiat-to-cryptocurrency exchanges such as Coinbase and Kraken, the BTC price it fell to $ 3.456. "data-reactid =" 28 "> Bitcoin (BTC), the most dominant cryptocurrency on the market, fell 12% from $ 4,300 to $ 3,800, reaching a new annual minimum, cryptocurrency trade such as Coinbase and Kraken, the price of BTC fell to $ 3.456.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Ethereum (ETH), which is currently demonstrating a daily volume it is bigger than that of Ripple (XRP) and Bitcoin Cash (BCH) combined to $ 2.2 billion, dropped to $ 98, falling to a double figure for the first time since May 2017. "data-reactid =" 38 " > Ethereum (ETH), which is currently demonstrating more daily volume than Ripple (XRP) and Bitcoin Cash (BCH) combined with $ 2.2 billion, dropped to $ 98, falling to double the value for the first time since May 2017.
Finally the bottom arrives?
With Ethereum at $ 98 and Bitcoin at $ 3.456, technical indicators show oversold conditions for both major digital assets. Probably due to oversold conditions, BTC recovered relatively quickly from $ 3,400 to $ 3,700 in just a few hours.
At $ 3,456, BTC is down 82.2% from its all-time high of $ 19,500. When the price of BTC initially fell to $ 4,000, many investors suggested the possibility of a further fall below the value of $ 4,000 given that at $ 4000, BTC was only down 79% from its historical high.
On average, BTC tends to lose 85% during a major correction, as shown in past price changes in 2011, 2013 and 2015.
Following the expected fall of BTC below the value of $ 4,000, traders have become more comfortable finding a short-term minimum in BTC's price performance.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "A cryptocurrency trader and economist Alex Krüger He said: "data-reactid =" 44 "> A cryptocurrency trader and economist Alex Krüger He said:
"It is impossible to know if a fund is a short or long term fund." It is possible to perceive once a larger fund can be inserted by observing price bars and high frequency volume, ie when 39, elastic is ready to go back in. If it is 15-30% lower than the lows, it is a larger fund in% terms. "
Hsaka, a technical analyst, pointed out that it is too early to define a short-term fund for Ethereum, as it has suffered a significantly greater decline than BTC.
"Really stopped here.This wick could be filled with cascading liquidations and poor books, looking for an HL on any retracement to confirm a daily minimum," said Hsaka, echoing the sentiment of many market investors who are wary of of the short-term trend of the third most important cryptocurrency in the global market.
The market will require a strong recovery period
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The cryptocurrency market has recorded large-scale bear markets in past, while the market infrastructure is drastically different in 2018 with the involvement of important financial institutions, liquidity providers, is regulators, the sheer intensity of the fall of the major cryptocurrencies will probably require a long period of consolidation. "data-reactid =" 59 "> The cryptocurrency market has had large-scale bear markets in the past, while the market infrastructure is drastically different in 2018 with the involvement of the main financial institutions, liquidity providers and regulators, the simple intensity of the fall of the major cryptocurrencies will probably require a long period of consolidation.
In every bubble to rally cycle cycle in crypts, newcomers and investors suffer intensely, both psychologically and financially. It is absolutely possible for institutional investors to lead the next rally in a crypto, but for investors who have been hit by the recent incident to invest in the crypt could take some time.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Shutterstock foreground image. Charts of & nbsp;TradingView."data-reactid =" 61 ">Shutterstock foreground image. TradingView Charts.
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The post $ 63 billion eliminated by Crypto in 7 days, Ethereum drops below $ 100 appeared first on CCN.
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The $ 63 billion post eliminated by Crypto in 7 days, Ethereum Drops Under $ 100 appeared first on CCN.
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