You are here: Home > articles > Forex > Crypto Market Loses $6 Billion as Bitcoin Price Retreats to $4,100
Crypto Market Loses $6 Billion as Bitcoin Price Retreats to $4,100
November 23, 2018 7:51 pmVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 15-17, 2024: buy above $2,328 (200 EMA – 5/8 Murray) April 15, 2024
- Video market update for April 15, 2024 April 15, 2024
- Trading Signals for GBP/USD for April 15-17, 2024: buy above 1.2450 (21 SMA – 0/8 Murray) April 15, 2024
- The dollar has not reached its potential April 15, 2024
- Analysis of GBP/USD. April 15th. Retail sales in the USA allow the dollar to continue rising April 15, 2024
- China’s Q1 GDP growth next on the Asian calendar – Preview April 15, 2024
- Technical Analysis – Goldman Sachs stock gains on strong earnings April 15, 2024
- Trading Signals for ETH/USD (Ethereum) for April 15-17, 2024: buy above $3,125 (200 EMA – 2/8 Murray) April 15, 2024
- Analysis for EUR/USD on April 15th. Monday – a tough day for the euro April 15, 2024
- GBP/USD: trading plan for the US session on April 15th (analysis of morning deals) April 15, 2024
- EUR/USD: trading plan for the US session on April 15th (analysis of morning deals). Euro is at an impasse April 15, 2024
- GBP/USD: Will sterling hold steady against dollar? April 15, 2024
- Technical Analysis – USDJPY rallies to another fresh 34-year high April 15, 2024
- Will Netflix earnings take the share price closer to its record highs? – Stock Markets April 15, 2024
- EUR/USD. April 15th. Bulls panic and retreat from the market April 15, 2024
- GBP/USD. April 15th. The dollar gains confidence April 15, 2024
- Weekly forecast based on simplified wave analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and the US Dollar Index April 15, 2024
- XM’s Heartfelt Ramadan Iftar Support April 15, 2024
- Weekly forecast based on simplified wave analysis of EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold on April 15th April 15, 2024
- Technical Analysis – US 500 reverses towards 123.6% Fibonacci April 15, 2024
In the last 24 hours, more than $6 billion was wiped out of the cryptocurrency market as Bitcoin (BTC), the most dominant cryptocurrency in the market, recorded a loss of 8.6 percent from $4,500 to $4,110. On fiat-to-cryptocurrency exchanges like Coinbase, Kraken, and Bitstamp, the price of BTC reached a new weekly low at around $4,118. Bitcoin has since recovered to $4,291, but on a weekly basis, BTC remains 21.65 percent down against the US dollar.
Similar to Bitcoin’s strength at $6,000 from August to November, despite experiencing an intense sell-off, bears are struggling to bring BTC below the $4,000 support level. If BTC continues to defend the $4,000 level, in the weeks to come, there exists a possibility for BTC to end 2018 with a positive sentiment, potentially above $6,000 which has now turned into a major resistance level for the dominant cryptocurrency.
One alarming trend of both Bitcoin and other major cryptocurrencies is that the prices of leading digital assets are dropping by relatively large margins with low daily volumes. The volume of BTC is averaging at around $5.1 billion, which suggests that BTC has fallen by more than 3.5 percent in the past 24 hours without significant sell-pressure from bears.
With initial coin offering (ICO) projects struggling to find relevance in the space, Ethereum (ETH) is finding it difficult to secure any sort of momentum in its low price range. In the past 24 hours, ETH has dropped by more than 6 percent to $124, with a high volume of $2 billion. Throughout the last six months, ETH has rarely experienced a surge in its volume over the $1 billion mark. The $2 billion daily volume of the third largest cryptocurrency in the global market demonstrates increasing sell-pressure from individual sellers and ICOs.
Related Posts: