Crypto Price Today: Bitcoin, Ethereum bleed after sudden liquidation; Altcoins tumble up to 18%
Bitcoin and other top crypto tokens were trading in deep red on Friday. A sudden liquidation over the last few hours led to suffering of $1 billion as digital-asset markets suffered one of their worst sell-offs of the year and bitcoin’s price fell to a two-month low. Trading volumes of the crypto market spiked suddenly.
Bitcoin was under deep selling pressure as the largest crypto tokens dropped as much as 8 per cent to slip below $26,500-levels. Its largest peer, Ethereum plunged 7 per cent to barely hold $1,675-mark. Pain in the altcoins was intense as the host of tokens were bleeding up to 18 per cent.
The crypto market has continued to sharply fall for the second consecutive day. The mass sell-off in the crypto market has led to a plunge in the crypto fear and greed index, which is down 13 points and has entered the fear zone after over 5 months, with a score of 37/100, said Parth Chaturvedi, Investments Lead at CoinSwitch Ventures.
“A US judge granted approval to the SEC to file a motion to appeal the recent ruling which favored Ripple Labs regarding retail sales of XRP,” he added. “In other news, there has been a potential devaluation of the Chinese Yuan, which is trading at the weakest level since 2007.”
All other top crypto tokens were bled on Friday. XRP plunged as much as 17 per cent, while Litecoin tumbled 14 per cent. Shiba Inu and Dogecoin also posted double-digit cuts to tank up to 12 per cent. Toncoin and Polygon shed 9 per cent each, while Solana was down 8 per cent.
The global cryptocurrency market cap was trading sharply lower, falling down to $1.06 trillion-mark as it dropped as much as 7 per cent in the last 24 hours. However, the total trading volumes surged almost 77 per cent to $65.1 billion.
Image: Crypto-chart-price
Tech View by Giottus Crypto Platform
Bitcoin’s price experienced a sharp decline today following wider negative sentiments in the market post Evergrande bankruptcy filing and reports of SpaceX selling off their BTC portfolio.The asset plunged to two-month lows near $25,200, as traders reacted to unfavourable macro conditions. It has quickly regained some value and is currently trading at $26,500.
Image: Chart-BTC
The price action has experienced a valid bearish entry asBTC broke below the key 200-day EMA range yesterday. If there is any upside momentum, additional gains could potentially drive the price towards the resistance levels of $27,000 and $27,750. BTC’s RSI is currently below21 and has been on a downward slope in the past week, which also indicates that the asset has officially entered bearish territory.
Major Levels:
Support: $26,500, $26,125
Resistance: $27,200, $27,750, $28,200
(Views and recommendations given in this section are the analysts’ own and do not represent those of Business Today. Please consult your financial adviser before taking any position in the asset/s mentioned.)
Also read: JSW Steel tops Nifty pack in terms of earnings upgrade. Should you buy this stock?
Also read: 140% return in 2023! Zensar Tech stock rally defies broader IT sector weakness
