The recent news on our DC Forecasts crypto news site were quite negative for investors and the market in general. In fact, more than $65 billion was wiped out from the crypto market and no one seems to know the exact reasons why this happened. Bitcoin fell by more than 20% and the crypto market followed.
According to Chris Burniske who is a Placeholder Management partner, the US stock market retracement, sell-off of Ethereum and the Bitcoin Cash hard fork were the three major factors behind the recent wipeout.
With more than $65 billion completely deleted from the cryptocurrency market, most of the major coins such as Bitcoin, Ethereum, Ripple and Bitcoin Cash saw losses that ranged from 10 to 50 percent.
Obviously, the main catalyst of this downward trend was the Bitcoin Cash hard fork, which triggered the steep decline. However, as Burniske believes, on top of this decrease was also the sell-off of Ethereum and the US stock market retracement which even leads analysts to believe that a crisis like the one in 2008 could hit America in the years to come.
All of these factors contributed to the 21% drop in the crypto market valuation – making it the fifth worst correction in the history of the market. Even though we have seen bigger corrections than this (especially the one in January 2018), it is still one of the biggest slip-aways from what we knew as a ‘normal’ momentum for Bitcoin and other top coins.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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