The cryptocurrency market lost more than $9 billion in only a couple of hours after the price of several tokens and small market cap cryptocurrencies dropped.
After the relatively strong rally which saw some tokens even rise from 30% to 50% in 24 hours, the crypto market corrected and saw a decline in the value of tokens. Some of the most affected coins in the new drop were Nano, Zilliqa, and Aelf – which dropped by 18%, 13%, and 12.9% respectively.
Currently, the analysts believe that the decline in price was triggered by the strong recovery of the market which “needed to correct”. One expert crypto trader and FX market maker named Alex Kruger commented on the situation, stating:
“BTC was rejected at $6,600 and the whole crypto complex fell like a house of cards (-10%/20% this morning). A strong bounce out of massively oversold levels does not indicate a new bull run has started.”
He also said that the majority of the traders in the crypto sector mistook a minor corrective rally that was formed by strong oversold conditions in the crypto market for a bull rally. This made them expect that the market will perform better than its recovery in the first place.
If we go back to yesterday’s price situation, the price of VeChain increased by 90% at one point against the US dollar in only 24 hours. As analysts say, a market recovery from such a bullish run is always normal.
Over the next few days, analysts expect that the Bitcoin will further stabilize at $6,400 – at least for a couple of days – before another bullish rally is initiated. Currently, the volume of both Bitcoin and Ethereum remains equal to its July levels.
Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
Crypto Analysts: 2019 May Be A Year Of Bitcoin Accumulation
“Similar to 2015, 2019 may be the year of accumulation.’’Another crypto researcher Willy Woo said that while a crash of bitcoin to $3,122 could lead to an increase in volume, it won’t show signs of starting of the accumulation period. He pointed out:
‘’Despite the technical setup that suggests bullishness is possible, there’s not a lot on-chain volume to fuel a prolonged up move. What we saw in the last 7 weeks was a spike of on-chain volume driven by volatility, coins moving to exchanges to trade. The initial volume spike false signalled a faster detox and an earlier end to the bear market, but in fact it was a volatility side effect. That move from $6k to $3k created immense trade volume, but it was in no way a signal that accumulation volume had begun.’’Until evidence for the accumulation of crypto assets shows up, there are still expectations of high volatility levels.
Dmitry Medvedev: ‘’We Should Watch Closely What Happens To Cryptocurrency’’
‘’But this, of course, is not a reason to bury cryptocurrencies. There are both light sides and dark sides, as in any social phenomenon, in any economic institute. And we should just watch closely what happens to them.’’He continued to discuss social inequalities and how the global digital transformation is speeding up saying the cryptocurrency is a part of that fast-going phenomena. The news comes right after major media outlets published the story of Russia’s plan to purchase $10 billion worth of BTC. Turns out that the news was fake. The Russian economist from the Presidential Academy of National Economy and Public Administration Vladislav Ginko pointed out that he strongly believes that Russia might use Bitcoin to fight economic sanctions and this story swamped the media and got massively exaggerated. Russia is, however, preparing a crypto bill that will provide stable cryptocurrency regulation in the next two months. The Duma State will be drafting a regulatory framework in February to regulate ICOs and crypto crowdfunding.
Nearly 1.5 Million People Used dApps In 2018, More Than A Half Being On Ethereum
"TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem."TRON (TRX) launched 97 decentralized applications in 2018, while its ecosystem and community have been growing at an alarming rate. This week, TRX was added to OKCoin, which is one of the largest US exchanges, in order to be traded against fiat, Bitcoin and Ethereum. The report also showed that gambling accounted for $3 billion in transactions over the course of 2018 in dApps.
Join us on Facebook
- Crypto Venture UpStake is Redefining the Industry with a Proof-of-Burn Stable Coin
- Market Sees Red, Losing $1 Billion Overnight While Bitcoin Remains At $3,600
- WordPress Is Launching A Publishing Platform With Blockchain Features
- WWF Australia Launches A Blockchain Supply Tool That Allows Food Tracking
- Binance Prevents Losses By Freezing The Stolen Funds By Cryptopia Hacker
UPCOMING EVENTS RECOMMEND BY DC FORECASTS
Altcoin News5 days ago
United States: Presidential Candidate Tulsi Gabbard Bought Crypto At Peak
Altcoin News4 days ago
Bitcoin Hovers Near $3,700 As Top Altcoins Record A Mix Of Reds And Greens
Ethereum News2 days ago
Coinbase And Kraken Officially Supporting ETH’s Constantinople Hard Fork
Ethereum News4 days ago
$100,000 Reportedly Returned From Ethereum Classic 51% Attacker
Altcoin News4 days ago
Bitcoin Drops Below $3,600 As $5 Billion Get Wiped Out Of The Crypto Market
Bitcoin Scams2 days ago
New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher
Altcoin News3 days ago
Major Swiss Bank Launches A Crypto Custody Solution Targeting Banks & Asset Managers
Blockchain News4 days ago
Washington’s Douglas County Wants To Build A Blockchain Innovation Campus