In this Monday’s crypto news, we are seeing another wipeout of $5 billion which affected the top cryptocurrencies badly, putting Bitcoin below the $3,500 mark. Currently, the market cap is at $219, dropping $5 billion from the yesterday’s total of $224 billion.
Many traders have expressed their concerns previously, saying that a drop below the $3,500 mark could lead the price of the most dominant cryptocurrency to the $3,000 region or possibly below it, if the bearish run continues.
The crypto market suffered a minor correction which also affected altcoins such as Ethereum, Ripple, Bitcoin Cash and EOS. According to the prominent cryptocurrency trader and analyst DonAlt, a short term fall to the $3,400 mark is an expected move for Bitcoin.
As he said:
“Perfectly responded to the drawn level. $3,500 has acted as support 3 times already if it is hit another time I’d expect it to break. Finally approaching a level ($3,400) that I might trade again. Until then still sitting tight fully hedged.”
However, a more continuous drop may also result in an intensified downward movement for major crypto assets. Ethereum, which has fallen below Ripple (again) and became the third most valuable altcoin on the market, dropped by more than 6% overnight against the US dollar.
According to another technical analyst known by the handle Hsaka:
“Yesterday’s sell the rally analysis played out like a beauty. Bounced before the $3,430 support level. Took out lows (green dashed) of this consolidation. Neutral here, not shorting into HTF support. Covered my BTC short, holding ADA and BCH,”
The volatility is what appears to have set the major cryptocurrencies in a low price range, leading Bitcoin close to its 2018 bottom of $3,100.
Bitcoin Investing: Over 50% Of Retirees In US Are Crypto-Aware
- I know bitcoin is, but am not interested in investing - 56.7%
- I already own some bitcoin - 2.7%
- I have no idea what bitcoin is - 32.9%
- I know bitcoin but don’t know how to invest - 3.4%
- I’m keeping an eye on it - 4.3%
“This audience represents some low-hanging fruit for the Bitcoin community to go after. Retirees are always interested in alternative assets that can help diversify their portfolio against market fluctuations.” “The IRS approving cryptocurrency IRAs is an indication that retirees are increasingly interested in including some cryptocurrencies in their retirement accounts.”For now, US retirees are active in traditional investments such as stocks, bonds and real estate - while Bitcoin investments are still on the rise. In contrast to them, millennials are far more open-minded when it comes to embracing new asset classes, as many best cryptocurrency news sites have reported. Baby boomers, on the other hand, are somewhere in the middle.
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“We’re struck by how long it took other asset bubbles to recover their peak levels (as long as 22 years for the Dow Jones Industrials) and how pedestrian the annualized returns from trough to the recovery often are.”He also went on to add that "crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs," saying that he believes that the current Bitcoin price analysis shows that just like other classes, BTC faces a slow and painful path to recovery. Featured on many best cryptocurrency news sites, Dennean's statement also likened the Bitcoin price "bubble" to the 1929 Dow Jones collapse, suggesting that it might take slightly more than two decades for the dominant cryptocurrency to reach its highs in the likes of $20,000.
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past,"In his Bitcoin price analysis, Dennean said:
"The argument here is that bitcoin has gone through its bubble phase and is ready to rise phoenix-like from the ashes just as other assets and indices did in the past."He also compared the rapid rise and fall of the Bitcoin price and warned the public:
"Maybe crypto-bull contingents should consider what happens after the bubble–not every bubble that bursts recovers the old highs."In line with the coming altcoin news which see a lot of coins as idle, the latest Bitcoin price analysis shows that there could be a possibility for a bullish run for BTC in the future - and all of this alone gives hopes to many traders and BTC price believers.
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