As we previously reported in our altcoin news, the entire crypto market plunged by more than $10 billion going to $111 billion from its previous position at $121 billion.
Most of the cryptocurrencies recorded losses by 5-10 percent against the US dollar. Over the past few months, the crypto market has shown once again its high volatility and how unable it was to break out of the key resistance levels.
While some say that the drop was due to many technical factors, the former hedge fund manager and investor Danny Les thinks that the crypto market will stay in this position since the conditions are not about to change soon.
“Technical or fundamental, it makes no difference. I’ve been saying this for over a year now, we are bearish and will continue to be bearish until the market finds a point where buyers are waiting en masse.”
This is the longest correction phase on the crypto market in its entire 10-year history and because of the massive sell-off of major crypto assets; it is likely to be extended in the first two quarters in 2019.
Last week, CME bitcoin futures contracts on the US market expired. They have been often used as a short-term price indicator of bitcoin but according to the San Francisco Federal Reserve, the launch of CME bitcoin futures even led to the price of cryptocurrencies to decline. However, all of the futures contracts in the US are cash-settled and the supply of BTC futures contracts is thus fixed.
Many investors still try to correlate the expiration of the futures with bitcoin’s performance. In the long term, the crypto exchange market is unlikely to impact the price of cryptocurrencies in large scales but there are catalysts on the horizon that can allow the crypto market to recover soon.
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