Crypto Markets Crash Ahead of Facebook Hearing
Bitcoin (BTC) is sinking toward $10,200, abandoning the peak levels for 2019, and altcoins are staggering downward as well.
Crypto markets are sliding on another downward series, as Bitcoin (BTC) abandoned its higher valuations. But altcoins took an even deeper cut, going for a nearly 30% crash week-on-week. Those assets that attempted rallies beyond the general trend suffered even worse.
BTC traded at $10,197.34 as of 6:20 UTC on Monday, as volumes stalled to around $17 billion’s equivalent. The leading coin, however, remains the largest asset on the market, dominating 65.7% of the entire valuation.
Ethereum (ETH) crashed by 17% overnight, to reach $221.28, abandoning the hope for bullish growth toward $400. Litecoin (LTC) lost more than 12% to $88.33, abandoning the peaks near $140, despite the halving of the reward coming within weeks.
Bitcoin Cash (BCH) wiped out a net 30% in a week, crashing to $283.17, on its way to a potential “flippening” with Binance Coin (BNB), which is holding up relatively well. Bitcoin SV (BSV) was the biggest loser, wiping out 40% of its price since last week, down to $118.57. Most altcoins also significantly fell in BTC terms, ending up in overall losses of 15-40% in only a few days.
A possibility is seen for BTC to revisit the $9,000 range. For the leading coin, still, around 71% of volumes are happening against Tether (USDT).
The most recent price drop follows the usual pattern of a weekend rally followed by a deeper sell-off on Monday. BTC was pressured by the looming Facebook hearing before the US Senate Banking Committee. Additionally, the tweets of US president Donald Trump put a damper on the idea of accepting digital assets as an alternative to the financial system and the US dollar.
The BTC market cap dropped within a day, from above $200 million to around $182 million.
There are still not clear indicators on whether BTC could spike to a higher valuation, or crash to a much lower price level. For BTC, despite the success of June prices, there is no guarantee the rest of the summer months would be spent on a climbing trend.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.