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Monday, October 18, 2021

Crypto Price Has Crashed By Around $200 Billion

The overall crypto price, as well as the price of cryptocurrencies like Bitcoin, have crashed even further- which is quite an expected result after weeks of malaise. The price of Bitcoin went below $30,000 as most of the smaller crypto coins in the market like Ethereum, BNB, XRP, and Cardano have recorded losses in the double digits. This has led to a complete reduction of $200 billion in value in just a single week. 

Crypto Price Woes- Tokens Suffering Loses In Double Digits

This sudden crypto price crash coupled with Bitcoin does coincide with a global market sell-off which saw the Dow Jones Industrial Average posting its largest point drop over a single day since last year. This has come at a point where fears have mounted regarding the COVID pandemic and how it could definitely push economic recovery efforts astray. 

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As it stands now, among the top ten cryptocurrencies in the market, BNB and Cardano have led the market on a further downward trajectory with a sell-off of more than 10%. Ethereum, on its part, has led to a sell-off below 8%. XRP, the token from Ripple which is currently under a legal battle with the SEC, has also gone 10% lower. Elon Musk’s project, DogeCoin, has gone down by 7%. The price of bitcoin went down by 6% which did add to its losses from the previous week. 

Alex Kuptsikevich, the senior financial analyst at FxPro, has stated that the swing range of Bitcoin has gone down recently- which does form the foundation for quite a strong exit which would lead to a compressed spring effect. This could very well lead to a fall out of the bitcoin and crypto price crash. 

He further states that such a series of increasingly lower highs is quite a significant factor in selling. The main question now is whether bitcoin is going to fall to a resistance level of $23,300- and how would it further affect the crypto price.

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