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Cryptocurrency Market shed $30B in less than 24 hours

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Current Bitcoin Status: The currency is trading at the value of $8,3365.88 and its value is decreasing by 14.61%. The market capitalization of the currency is $149,679,509,202 and the 24-hour volume is $28,083,414,501. The circulating supply of the currency is 17,956,050 BTC and the ROI of the currency is 6,061.04%.

The previous 24 hours was very crucial for the currency as the currency dropped up to the value of $8,173 yesterday. The influence the market too and the market capitalization of the crypto market dropped by $20 billion in just a few hours.

Many experts have forecasted that the Bitcoin will soon drop up to $8k, which is its long period support level. The currency didn’t show any unexpected moves as it was moving bearish movement from last week. Unfortunately, Bakkt also didn’t help much and response towards is also low.

The currency is also not doing well since late June and the charts show that the big decreasing channel triangle was created by currency and Bitcoin started to decrease when the support level of $9,500 broke down. The Bitcoin chart is also showing two red candles which put the value around $8k.

The value of $8,000 was previous strong support and traders rushed for buying the currency when it hit the price of $8,600. The experts are saying it will stay at the value of $8k for some time. The twitter also flooded with the tweet under the event occurs.

The Goldbug’s Peter Schiff stated after the currency broke down,

“Bitcoin has finally broken below the support line of the large descending triangle it has been carving out for months. This is a very bearish technical pattern, and it confirms that a major top has been established. The risk is high for rapid descent down to $4,000 or lower!”

Some of the experts saying that it’s a bit harsh to say that Bitcoin is decreasing up to $4k. But his predictions are supported by some of the people who are anti-crypto. Another forecast came from the popular crypto analyst Josh Rager and he stated on his twitter said,

“If Bitcoin fails to break above the current level, we’ll get another retest of the support below – which has bounced once and could hold. But if this isn’t a bear trap I do see price heading down to low $7ks. Lots of buyers are waiting between $6180 and $6500.”

On the other hand, the altcoins are also going down, Ethereum and Ripple are also going down by 16.93% and 12.66% respectively. Ethereum is trading at $165 and it broke down from the value of $200. Yesterday also the currencies dropped by massive percentages Bitcoin dropped by 17%, Ethereum by 15% and Ripple by 11%. Other currencies like Bitcoin Cash is decreasing massively by 23.54%, EOS by 24.09% and Bitcoin SV by 26.51% is the biggest loser in the top 10 currency.

Tether is today increasing by 0.51% and yesterday it was ranked at 5th position. Litecoin was decreased by 15% and Binance Coin is decreased by 16% yesterday. Today these two is decreasing by 18.45% and 20%.

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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