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.
New Crash Of $35 Billion Makes BTC Revisit Four Figures
“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility - but Rager added that even like this, four figure BTC is a gift.
“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks," he concluded.In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.
Tether Minted 5 Billion USDT By Mistake – And Immediately Burned Them
"Official news is that the amount printed should be have been 50M as part of a swap from Omni to Tron Tether. This was corrected by burning the full amount in two subsequent transactions," the Twitter profile of Whale Alert added later on.In a tweet, the CTO of Tether Paolo Ardoino explained that Tether meant to perform a swap of 50 million Omni-based USDT tokens to the Tron blockchain. However, a mistake was made with the decimals which is how Tether minted something extra and why they burned these coins.
"While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals. Please check the burn transactions below," he noted.https://twitter.com/paoloardoino/status/1150164876138037249 The cryptocurrency exchange Poloniex confirmed this in a tweet, stating:
“Paolo is correct - this occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”As many best cryptocurrency news sites reported earlier this week, the New York based Metropolitan Commercial Bank shut down the accounts associated with Tether. The bank reportedly closed the accounts after a request last year. The altcoin news today show a lot of red on the market and a market cap that lost more than $30 billion overnight, dropping to a new point at $278 billion.
Dogecoin Surged 40% After Binance Exchange Listing
‘’This one is an exception, as there isn't much new tech development (I guess it was never about the tech for this one). The users/community is large, and a famous "ex-CEO" (cough @elonmusk) helps!’’Right after Musk’s famous comment, Coinbase added Dogecoin and made it accessible for all crypto newbies and experienced traders which further validated the coin’s legitimacy. The price did, however, drop from its high of $0.045 to $0.0035 but the Google searches for the coin spiked and news erupted in almost every crypto media outlet out there. The real question is whether this media attention helped dogecoin or injured the cryptocurrency and the entire economy. The crypto universe is still relatively small so any media attention is deemed useful for gaining traction for new users. This is why Dogecoin’s history behind it should not make a difference in terms of the current value. Cryptokitties for example also showed that the blockchain technology can be used to create games and apps so no matter the reason for its creation, it still has a huge impact on developers and investors and increased the drive towards mass crypto adoption. Despite the current use of Dogecoin in tipping and micropayments, it is still relatively hard for the cryptocurrency to grow out of the name it created for itself. The coin is still perceived as a joke and this doesn’t really help it become the worthy leader for the greater crypto economy. The current listing is still not enough for some investors to be reassured of the fears that burden cryptocurrencies such as volatility, security and headline risks. As noted in the altcoin news previously, some speculated that dogecoin and other projects will help the crypto economy in the long run towards mass adoption.
Tether Keeps On Churning As 50 Million Tokens Enter The Market
“Quick 5% $BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $50 million, not $5 billion.”The weekly charts indicate that the things could be turning into a bearish mood for bitcoin. There have already been long wicks through resistance but it was never a closure above it. The horizontal support line stays in the $8,000 region so the larger correction could be heading there as well. Tradingview analysis company issued a report that shows that bitcoin’s 14 percent pullback the market dominance still remains a solid 67.7% at the moment. About $10 billion was lost from the entire market cap over the past 24 hours which is now at $307 billion. The charts are red this morning as most of the crypto assets are continuing the downslide. Bitcoin SV took the biggest dump today losing over 7% and falling below $150. As noted in the latest cryptocurrency news, most of the altcoins are in meltdown apart from the ICON (ICX) token.
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