BTC falls below USD 18000 mark
The volatility is again showing itself as a double-edged sword on Wednesday. In a rush, the bears push the exchange rate south by over 1000 USD. Important support lines, which had proved to be reliable supports in the previous week, are failing. At the same time several services report that during the night to Wednesday BTC units worth approx. 300 million USD were transferred from cold wallets to stock exchanges. Are the “big players” selling their coin stocks? We take a look at the current situation in crypto space.
Bitcoin price in detail
The market leader experiences a turbulent day with heavy price fluctuations. At the time of writing, the first mover is quoted at USD 18388, which represents a daily loss of – 2.27%. However, this value only reflects the course of the chart to a limited extent. During the day, the BTC moved in a range between USD 19250 and USD 17700. In the course of the heavy dumping, more than USD 30 billion was washed out of the market, security looks different. Although the bulls are able to limit the damage as a result, many investors are left with a queasy feeling.
What does the crash mean for the crypto space?
The abrupt price slump shows once again that the crypto market is a highly volatile patch. Price fluctuations in the four-digit USD range do not normally fit into the portfolio of a crisis-stable “store of values”, but the block-chain market has its own rules of play. Between unregulated currencies, whale movements, FOMO and FUD, promising use cases and revolutionary projects are growing up. Due to the encapsulation from the traditional markets, the above mentioned events are currently reappearing in high intensity. There are many indications that the annual financial statements will be turbulent.
Resistance and support
After the BTC price was able to find support at 17700 USD, the cops are working at full speed on a recovery. Currently, the next resistances are at 18400 USD, 18800 USD and 19000 USD. A 24 hour volume indicates the enormous interest of investors. The focus is clearly on the No.1 crypto currency, which is confirmed by a BTC Dominance Index of 62.2%.
What are the Altcoins doing?
The alternative assets register the “Bitcoin Crash” with their own downward movements. For Ethereum it is about – 1.16 % down. Thus, the Smart Contract-Coin is currently at a price of 568.48 USD. Ripple, the “Bitcoin of the banks”, has to register the sharpest price drop in the top 30 with a downtrend of – 5.11 %. Further down, on the other hand, coins such as polkadot (+ 1.45 %), stellar (+ 0.75 %) and filecoin (+ 1.59 %) can attract attention.