It’s going down
For the Bitcoin it goes steeply downhill on Friday. In the meantime, the bears are pushing the price below the important support level of 10500 USD. After the negative BitMex news, the total market capitalization drops by USD 15 billion in a rush. If the situation does not ease in the coming hours, a fall below the magic USD 10000 mark is even possible. At the same time the alternative assets are getting into enormous difficulties. A very bad start into the new quarter…
At the time of this article, the No.1 crypto currency is at a rate of 10526 USD, which is a daily minus of 3.61%. In just 24 hours, total market capitalization has dropped by USD 15 billion, a result of the penalty for Bitmex management. Yesterday, the CFTC caused a stir in the crypto space with the following Statement:
“The Commodity Futures Trading Commission today announced the filing of a civil enforcement action in the U.S. District Court for the Southern District of New York charging five entities and three individuals that own and operate the BitMEX trading platform with operating an unregistered trading platform and violating multiple CFTC regulations, including failing to implement required anti-money laundering procedures. This case is brought in connection with the Division of Enforcement’s Digital Asset and Bank Secrecy Act Task Forces.“
These boundaries are now becoming important
After the dip, the bulls can initially rely on the support zone at 10500 USD. However, the aftershocks of BitMex News are still being felt and the traditional markets are reacting irritably to the announcement of the coronavirus infection by U.S. President Donald Trump. Should the bears crack support at 10500 USD, the next support lines are 10400 USD and 10200 USD. Course behind this is already the magic limit of 10000 USD. From a bullish perspective, the next resistance is at 10600 USD and 10800 USD.
Investors focus on the Bitcoin
Currently, the BTC Dominance Index has a value of 58 %. According to this, after the negative headlines, investors are concentrating on the leading crypto currency, whereby the alternative assets are losing important market shares even on Friday. As a result, the Alts experience a devastating start to the weekend.
Altcoins with heavy losses
After a daily loss of 6.67%, Ethereum plunges below the important USD 350 mark (current price: USD 343.82). The high gas prices and setbacks in the ETH 2.0 testnet have been causing problems for the Smart Contract-Coin for weeks. Further down the line, Chainlink has to record the most severe setback in the Top 10 with a downward trend of 10.12 %. Similarly, Polkadot (- 9.88 %), Cardano (- 9.35 %) and Monero (- 10.01 %) have been hit in a similar way. The Krypto-Space is preparing for a turbulent weekend. It cannot be ruled out that there will be another showdown at the psychological 10000 USD mark.