Altcoins fall on Thursday
The alternative assets cannot confirm the massive pump from the previous day. With few exceptions, the alts have to report losses on Thursday. Meanwhile, the BTC is struggling to reach an important level and Coinbase is planning an IPO. We take a look at the most important events.
BTC price current: The bulls are fighting
At the time of writing, the market leader is quoted at USD 9243, which represents a daily loss of 1.43%. As a result, investors’ focus is now once again shifting to the trend line at USD 9200. This is an important area of support that has helped the bulls on several occasions in recent weeks. The next resistances to the bullish trend line are at $9400 and $9600. The trading volume is settling at $18.4 billion today.
Bitcoin follows the traditional markets
The No.1 crypto currency continues to correlate strongly with the major stock indices, which will take losses on Thursday. The Dow Jones Industrial Average is down 1.39% and the S&P 500 is down 0.57%. The high level of new coronavirus infections is fuelling fears in the economy. Experts are arguing whether the economic damage has already been fed into the share prices.
Altcoins in the correction
Cardano (- 7.34 %), Chainlink (- 5.66 %) and VeChain (- 10.63 %) pay tribute to the enormous price increases of the previous day. Only Stellar (+ 12.04 %) in the top 20 conjures up a strong performance on the crypto floor. The Bitcoin Dominance Index currently stands at 62.8 %. In this respect, it appears that the alternative assets are able to defend the market shares they have gained.
Coinbase before IPO?
There is news from Coinbase. According to several reports the renowned Exchange is preparing for an IPO. This would make Coinbase the first large crypto exchange to go public on Wall Street. However, an IPO of this size requires the approval of the US Securities and Exchange Commission (SEC).