Yesterday there was a collapse of the cryptocurrency market, as a result of which the value of most coins fell by 8-15%. Bitcoin rate returned to $ 3850 level again.
Analysts attribute the sharp change in market sentiment to disappointment with Bitcoin’s failed attempt to take another resistance level by storm, as well as preparations for the Ethereum hard fork. After the expected gains began on Saturday, the bulls never managed to gain a foothold above $ 4,200, leading to exhaustion and a big Sunday sell-off. As a result, in just a few hours, the total cryptocurrency market capitalization decreased by $ 14 billion, and the trading volume jumped to $ 39 billion.However, the situation quickly stabilized and many experts expect the market to continue its recovery in the near future..
Over the past day, the bitcoin (BTC) rate fell by 8.3% and at the time of this writing is $ 3840. Analysts point to a decline in interest and a parallel depletion of the bear market, which in the long term may stimulate growth. To do this, you will first need to overcome the important level of $ 4200, after which the path to $ 5000 will be opened..
However, now the market has begun active preparations for the upcoming Ethereum Constantinople hard fork, which will reduce the miner’s reward by a third and introduce other changes to the protocol. Traders usually try to speculate on such news and dump assets immediately after the event occurs, so this week, significant fluctuations in the rate are likely to occur. Ether (ETH) has dropped 14.9% in the last 24 hours to reach $ 140.
The cost of ripple (XRP) has decreased by 9.7% to $ 0.304. EOS fell 15.2% to $ 3.64 and Litecoin (LTC) fell 13.9% to $ 45.15. Bitcoin Cash (BCH) has lost 15.2% of its price and is trading at $ 133.
As a reminder, the Eurex exchange plans to launch Bitcoin, Ethereum, Ripple futures.
text: Ivan Malichenko, photo: Shutterstock, graphic: CoinMarketCap
Stock Market Crash Soon? (What About Crypto?) – Last Week Crypto