The crypto market lost billions of dollars overnight-analysts say “the drawdown is normal” and “the bull market structure is still intact”-Bitcoin News
The cryptocurrency market has fallen sharply in the past 24 hours, as the total market value of all 10,000 existing crypto assets fell below the 3 trillion U.S. dollar mark to 2.77 trillion U.S. dollars on Tuesday morning (Eastern Standard Time). After breaking through $66,000 on Monday, the price of Bitcoin fell below $60,000 to a low of $58,563 per unit. After the sharp decline, the price of Bitcoin has recovered some losses, returned to the $60,000 range, and began to undergo some consolidation.
Bitcoin, Ethereum, and top cryptocurrencies experienced double-digit losses within 24 hours
As the market value of the entire crypto economy has fallen by billions of dollars in the past 24 hours, the value of digital currencies fell on Tuesday. Bitcoin (Bitcoin) Fell 7.5% on the last day, and fell 10.2% this week.
At the time of writing, Bitcoin At a price of 60,563 US dollars per unit, the overall market value is 1.14 trillion US dollars. Bitcoin The 24-hour transaction volume on Tuesday was 48 billion U.S. dollars, 52.43% of which were matched with Tether (USDT). This is followed by the US dollar (18.75%), BUSD (6.61%), Japanese yen (4.79%), Euro (4.45%) and South Korean won (2.70%).
Bitcoin’s fall from US$66,000 to just over US$60,000 has also caused numerous alternative crypto asset markets to shake. Ethereum (Ethereum) Fell by 9.2% overnight, and weekly statistics show that Ether fell by 11.6%.although Bitcoin With a dominance of 41.5%, Ethereum’s market accounts for 18.3% of the entire crypto economy. Most digital currency markets have suffered considerable losses, but coins such as ecomi (OMI), nexo (NEXO), Huobi (HT), Wonderland (TIME) and Helium (HNT) have suffered very little losses.
However, such as spell token (SPELL), kucoin token (KCS), near (NEAR), kadena (KDA), arweave (AR), dash (sprint) And zcash (ZEC) fell 15% to 22.4% on the last day.
Executive Officer of Ark36: “The performance decline in leverage shocks helps a healthier market”
At the same time, as Bitcoin, Ethereum and a large number of crypto markets have been hit hard, Mikkel Morch, the executive officer of crypto asset hedge fund Ark36, told Bitcoin.com News that a retracement is normal.
“Again, Bitcoin did what it does best-ignoring expectations,” Moqi said. “After hitting a record high near 69K last week, investors’ overall expectation is that this trend will continue immediately. Instead, we saw a basically sideways trend, which fell by nearly 8% yesterday. Considering The enthusiasm that the market has just experienced last week seems to be disappointing and even worrying.” Moqi continued:
However, it is important to remember that an 8% retracement is considered a normal market trend in the crypto market. Currently, the overall bullish market structure remains basically unchanged. In fact, a sudden drop in prices can cause leverage shocks, which can help to form a healthier market and better prepare for the continuation of the mid-term uptrend.
Huobi Global: Indicators show “market bearish sentiment is high”
The fundamentals of the Bitcoin market from Huobi Global indicate that there are many factors that indicate that the current market sentiment is bearish. “All EMAs fell sharply, and the Bollinger Bands opened significantly expanded. The current indicators show that the market is bearish sentiment high,” Huobi Global told Bitcoin.com News on Tuesday morning. “From a daily perspective, Bitcoin Currently in the long-term negative line, the short-term upward trend has been broken, the daily trading volume has increased, and the short-term trend may continue to fall. Pay attention to the support below. “Huobi added.
In a similar market outlook report, Huobi pointed out that Ethereum (Ethereum) Market signals also indicate that “market sentiment is high.” EthereumThe /USD chart indicator using a 4-hour time frame shows that both the EMA and the candlestick are going downhill. “From the daily chart, the upward channel Ethereum It may be broken, this retracement fell below the short-term support level, and then continue to look for effective support below. “Huobi Global’s Bitcoin and Ethereum market outlook summary.
What do you think of the downturn in the crypto market and the loss of billions of dollars in the crypto economy in the past 24 hours? Please tell us your thoughts on this topic in the comments section below.
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