Market Drops Drastically In 2019
First
On Wednesday night, The Crypto Dog, a leading Bitcoin analyst, took to his Twitter page, which sports over 100,000 followers, to draw attention to the Ethereum/USD chart, noting that something might happen soon. The chart, which accentuated ETH’s wedge formation, indicated that a breakout (either up or down) was slated to happen.
whatever gonna happen I think it might gonna happen soon
Just hours after his tweet, Ether, along with BTC and the rest of the cryptocurrency market (save for Tron’s TRX), began to plummet, basically out of nowhere. Crypto Dog subsequently took to his Twitter, writing “it did” in an evident nod to his previous post.
At the time of writing, per data from Live Coin Watch, BTC is down 5.2%, with the asset currently finding a foothold at $3,850 a pop. This is the first time that Bitcoin has been under the $4,000 price level, widely regarded as a key psychological level, since January 6th.
It’s pretty much blood red across the board.
ETH has posted a jaw-dropping -9.66% performance, a tinge away from double-digit losses, as the preeminent cryptocurrency corrects following its monumental recovery after it hit $80. XRP actually outperformed Bitcoin, posting a relatively strong 4.1% loss, moving to $0.3548 a token. Most other leading cryptocurrencies, save for Binance Coin (-11%) posted percentage losses in the mid to high single-digit range.
This broader market downturn, which some have argued is a sudden meltdown, has brought the aggregate value of all cryptocurrencies down to $130.6 billion. And unfortunately, this move is backed by volume too, as exchanges saw an influx of trading pressure as Bitcoin briefly became a falling knife.
It remains to be seen if further plunges are expected, but taking volume into account, a move under $3,800 for BTC isn’t out of the realm of possibility.
Coutersy : #EWN
