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Crypto Sell Off Intensifies: Bitcoin Below $20K, All Top Cryptos In Red
Its all dull and gloom for the crypto investors as the market has turned highly jittery. For yet another day, bears have taken control of the crypto street. Bitcoin-the largest crypto has sank to levels below $20K to last trade at $19,250, down close to 8%. On an intra-day basis it fell to a low of $18,739.5, while the second largest token Ether also collapsed to below $1K levels and last traded with a cut of over 8%.
Other altcoins too are having a bad session with top cryptos as compiled by Coindesk all painted in red, with losses up to 9% as for Chainlink. This is barring the Stablecoins Tether and USD Coin.
As per Coinmarketcap, global crypto market capitalisation has come down to $845.26 billion, down over 6% from the previous day.
Why the current crisis in cryptocurrencies?
The sell-off in the space has heightened due to the hedge fund Three Arrow that had its collateral liquidated by crypto lender BlockFi.
What does bitcoin's price below $20000 K suggesst?
Technically the bull rally in cryptos has fizzled out with bitcoin moving below the key technical support price. This price move is symbolic for the sector as a whole. The prices are even below the 2017 highs, the previous major bitcoin bull run.
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