A new correction is in the altcoin news today, showing that the crypto markets are declining in what is the biggest crypto dump of this year. As Bitcoin dropped to $7,300, the market lost more than $32 billion in a matter of hours.
What’s interesting is the fact that Bitcoin looked stable trading over $8,000 and correcting from its all time high at $8,260 which was also established yesterday. However, the most dominant cryptocurrency plunged to a low of $7,175 in less than an hour, recording a 10% loss which triggered a market-wide selloff.
The coming altcoin news show that the biggest crypto dump hit the altcoins harder, as usual. Right now, Bitcoin seems to have recovered a little to $7,300 but further losses are still expected, as analysts claim. In fact, most of the expert traders and analysts are eyeing the $6,400 level as the next support and new buying zone for BTC.
The largest crypto dump of 2019 so far triggered a lot of reds on the market. Starting from the biggest altcoin, Ethereum, we can see how it slid back to $240 in a 7% slide which was still not as severe as other cryptocurrencies. Over the week, ETH is still in a very strong position after passing $200 for the first time since November last year. From this, a pullback was very much expected.
What’s not so great is the situation of the top 10 altcoins. The latest cryptocurrency news show that Bitcoin SV (BSV) was among the biggest losers – getting smashed by 18% followed by TRON with its 16% dump while Monero, IOTA, NEO and Dash have all lost more than 10% on the day. The only altcoin which survived the biggest crypto dump was Tezos – adding a little today.
As for the only altcoin that is in the green during this major crypto dump, it is Chainlink (LINK). The cryptocurrency which trades at the spot has managed to add 7% on the day and reached $0.884. The mainnet launch on Ethereum appears to be the main reason that is driving momentum for LINK at the moment.
According to reports by many best cryptocurrency news sites, the markets are looking to recover back to $230 billion soon which is still 20% percent higher than this time last Friday.
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“The acceptance of Block.one’s tender offer reflected a decision to rebalance the portfolio to maintain an appropriate level of diversification after the position increased due to its substantial outperformance relative to the remainder of the portfolio,” Novogratz then said.As the filing shows, Galaxy Digital Bank can attribute much of this loss to its principal investing and trading businesses, presumably due to the fact that November and December saw Bitcoin and many other coins falling to fresh lows, as the altcoin news showed. The filing notes that Galaxy Digital Bank is primarily founded by Novogratz's wealth, 20% of which is purportedly invested in Bitcoin and Ethereum. Even though the company lost $272.7 million in all of 2018, much of the losses were incurred as a result of sale of cryptocurrency. One Twitter analyst also went in detail on this. https://twitter.com/zhusu/status/1126394118093950983 However, this is not the end of Novogratz & co. The report revealed that as 2018 ended, Galaxy Digital Bank owned $350 million of assets, 50% of which constituted equity/stake in prominent industry startups. More importantly, Galaxy Digital announced the launch of another fund (rumored with hundreds of millions in funding) which will loan out capital to cryptocurrency firms - a business which has boomed during the 2018 bear market - as the latest cryptocurrency news show.
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Bitcoin SV (BSV) Doubles In Value After The BTC Copyright Claims
“BSV doubled on Craig’s copyright news. This is only the start of him proving BSV is the only bitcoin. Now is a great time to convert all your other shite coins to Bitcoin.”However, as reported in the latest cryptocurrency news, the copyright does not entitle Craig Wright with any exclusive rights on Bitcoin. It seems as the big pockets are pouring and pumping the Bitcoin SV market to confirm the ‘’we-are-the-best’’ slogan. A massive 200 price surge is one of the reasons why traders should restrain themselves from buying the high or the lower lows. The Bitcoin SV (BSV) price corrected up to 53 percent before establishing a historic high at $195 on Huobi. The market bias is currently bullish and the majority of the technical indicators signal the strong buying sentiment. With the flawed fundamentals, a dump right now should not surprise the market.
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