Over the past 24 hours, the cryptocurrency market lost about 3,47% as of 13:00 (GMT+2), according to CoinMarketCap. 

The crypto market lost more than $87 billion in 24 hours

The market decline occurred amid BTC reaching a one-month low. Bitcoin’s price had dropped by $14,000 since November 10. Moreover, BTC had fallen by 5,1% per day, while the weekly decline amounted to about 11,1%.

Following Bitcoin, the largest altcoins also show a decline. Over the week, Ethereum fell by 10,7%, Binance Coin – by 9,2%, Solana and Cardano depreciated by 11,1% and 10,6% respectively. 

As the cryptocurrency market declined, traders lost about $678 million, according to Bybt. A total of 172,000 traders’ margin positions were forcibly liquidated. About $300 million were lost on trades with BTC, about $140 million – on ETH trading, and on SOL transactions, the loss amounted to more than $30 million. 

At the same time, the whales are in no hurry to sell their assets. According to Glassnode, amid the fall of the market, long-term investors sold no more than 100,000 BTC out of their 13,5 million BTC. 

Trader and co-founder of hedge fund Fakel, Rast Pentagon, commented on the ongoing market situation: “In my opinion, we came to the support retest from $40,000 per BTC. In the case of fixing above the $61,000-62,000 zone, there is a probability of seeing the last fifth wave of growth towards $69,000-72,000. The current situation is very similar to the 01.03.2021 – 01.04.2021 fractal, at the end of which BTC updated the maximum price, confirmed a major bearish divergence and then corrected by more than 40% of the maximum price. 

If BTC fails to consolidate above $61,000, there is a possibility of a drop from the current marks towards $52,000-54,000.”

Author: Alex Golovakha
#Bitcoin #Cryptocurrency