The big Bitcoin pullback and crypto market retreat is in the coming altcoin news. Analysts cannot say that they did not expect it. As Bitcoin dips below the key support, the altcoins are also crashing around it.
The total market capitalization managed to shed over $14 billion overnight and is approaching $235 billion at the time of writing. The new crypto market retreat started when Bitcoin failed to break resistance and started on a downward slide which resulted in a 4.3% dump on the day. From trading below $8,000, Bitcoin managed to fall back in the $7,500 waters as the latest cryptocurrency news show.
Right now, analysts are eyeing resistance at $7,400 and $6,800 with a further decline if these support levels cannot be held. The crypto market reversal also pulled many altcoins down as the charts show. Ethereum was one of them, dumping more than 7.5% and coming back to $237. The truth is, Ethereum has not managed to decouple from Bitcoin and could soon visit the $232 support area.
The top ten cryptocurrencies are all in red in the crypto market retreat. Cardano is getting crushed by more than 10% and Stellar is not that far behind, dumping more than 9%. XRP, Bitcoin Cash and EOS are all declining and have dropped by 7%. The only coin which is staying afloat is Binance Coin, trading above $30 with a loss of only 2%, as the altcoin news show.c
Big trouble is also facing the top twenty at the moment with the crypto market retreat. As Bitcoin SV (BSV) dumps 12% of its epic gains yesterday, the US Copyright Office already stated that it does not investigate the connection between the claimant, Craig Wright – and the pseudonymous BTC code author.
During the crypto market reversal, there are many double digit dumps. What’s interesting and featured by many best cryptocurrency news sites is the MATIC altcoin, which has recently added another 20% to its price following its embellishment from the world’s largest exchange. On top of this altcoin, the Crypto.com owned Chain also revived and added 10% against the bad flow today preparing for a new run on the upside.
To sum things up, the total crypto market capitalization has been smashed with $14 billion and it seems that almost every coin is dropping.
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“As for mutual settlements, we will consider, of course, a proposal on a cryptocurrency that is tied to gold. But, in my opinion, it is more important to develop settlements in national currencies.”Nabuilna explained that CBR is still unsure whether to use cryptocurrencies and how they could be launch into Russia’s monetary system but the idea of a zero-volatility digital asset is inviting:
“The CBR, in principle, is opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies fulfill the function of monetary surrogates. We have prepared an analytical report and will soon present it which will analyze what cryptocurrency is, what is happening in the world, what approaches different countries to have, and what regulation is envisaged. And, if the phenomenon of cryptocurrency in any perspective may cause risks to our macroeconomic stability, we need to understand that.”As noted in one of the best cryptocurrency sites, Russia is under significant economic sanction from the United States.
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