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Bitcoin And Other Altcoins Tumble Again Over Weekend: Here's The Reason
Over the last 24 hours, bitcoin prices have tumbled by 4.54% and at the time of writing this copy, bitcoin quoted at $34,532. Also, altcoins including the likes of Ethereum, Dogecoin and Ripple too were seen trading lower on the blockchain news outlet Coindesk.
Among the top assets listed on Coindesk, EOS digital currency saw the most drag of over 7 percent, while two coins traded in the green, USD Coin - a stablecoin pegged to the US dollar and the other being Yearn Finance.
The fall in the leading cryptocurrency by both market capitalization and volume comes as traders in the crypto market feared the likelihood of 'death cross' over the weekend. The death cross is a technical chart pattern that points to the potential for a major sell-off. This pattern appears on a chart when a stock or for that matter here bitcoin's short term moving average crosses (50DMA) below its long term moving average (200-DMA).
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