The market at a glance
The Bitcoin falls below the support zone at 9600 USD on Tuesday and the alternative assets are experiencing some even bigger setbacks. With the growing volatility, however, the current market situation could quickly turn out to be a short-term snapshot. We take a look at what is currently happening in the cryptospace sector.
Bitcoin price in detail
The Bitcoin rate drops to a value of 9400 USD at the time of the article. At the moment there is much to suggest that the bears will take over the market again. Should the price fall below the important support line of 9400 USD, a fall below the 9000 USD limit would not be out of the question. Meanwhile, the Bitcoin Dominaz Index continues to grow and now stands at 63.4%. Investors are looking closely at the #1 crypto currency in these hours, as the chart’s performance could provide a groundbreaking indicator for the coming days.
Altcoin prices at a glance
The Altcoins experience a gloomy Tuesday. In the Top 50 only EOS and Qtum can show a positive daily chart, all other assets are falling. Ethereum is rushing straight towards the important 250 USD border with a daily loss of 5.38%, Ripple is at a thin 0.25 USD and the Bitcoin Forks are threatened by a fall behind Tether. Cosmos, NEM and VeChain are even falling by double digits (percentage range). The observed pattern speaks for itself. The Altcoins are again as dependent on Bitcoin as last year. A fortnight ago, the first experts were still predicting an “Altcoin Season 2020”. This is currently moving into the far distance. The upcoming BTC Halving Event should fuel this development.
Stuttgart stock exchange offers short options for BTC
The Stuttgart stock exchange is expanding its product range to include a Short ETP, which will allow traders to open positions on a falling Bitcoin price in the future. According to the publication, the product will be hedged in a 1:1 ratio with the corresponding digital asset. Germany’s second-largest stock exchange had already begun offering Bitcoin trading in September 2019.
Does Warren Buffet hold crypto currencies?
Warren Buffet does not seem to see any lower value in crypto-currencies. In a CNBC interview, the financial mogul commented on the topic as follows: “Crypto currencies basically have no value. They can do nothing with it except sell it.” The CEO of Berkshire Hathaway further joked: “The logical step from introducing Bitcoin is to make the cases smaller. In doing so, he is alluding to the fact that criminals can now launder money online more easily. It seems that Tron CEO Justin Sun was unable to convince the world’s fourth richest man of the Blockchain technology at a dinner in January.
The trading volume of the CME (Chicago Mercantile Exchange) has fallen by almost 90% in the last 3 days. This figure is thus at a low for 2020, and much indicated a correction phase. The same applies to the total market capitalization on the crypto market, which has fallen by a whopping USD 30 billion in the past 10 days.