Technology: Altcoins Lead Cryptocurrencies Lower After Bitcoin Futures Start Slow - Bitcoin price and Co .: From this date, the crypto market could start to climb again. - PressFrom - US
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Technology Altcoins Lead Cryptocurrencies Lower After Bitcoin Futures Start Slow

22:47  24 september  2019
22:47  24 september  2019 Source:   msn.com

Even Cryptocurrencies Are Now Getting Clobbered In This Market

Even Cryptocurrencies Are Now Getting Clobbered In This Market Bitcoin is quickly losing the refuge designation bestowed by some advocates in recent weeks as the largest cryptocurrency joins the global slide in riskier assets. Smaller rivals tumbled even further. After rallying while U.S. equities plunged earlier in the month, Bitcoin has followed stocks lower, with the digital asset tumbling about 14% this week to push it’s price to around $10,200. The token, which last traded below $10,000 on Aug. 1, had climbed as high as $13,852 on June 26.Ether slumped as much as 12% Wednesday, while XRP slumped as much as 20% in a sudden early afternoon sell-off.

(Bloomberg) -- Cryptocurrencies extended Tuesday’s slide as Bitcoin dropped below $9,000 for the first time since June.

Bitcoin tumbled as much as 13% to $8,540. So-called alternative coins such as Ether and Litecoin slumped even more, with each declining as much as 21%.

a screenshot of a video game: Bitcoin Breaks Bad© Bloomberg Bitcoin Breaks Bad

As often is the case with digital assets, multiple reasons are being cited by traders for the decline, from the lackluster introduction of one-day Bitcoin deliverable futures Monday to a general risk-off atmosphere with U.S. equity markets taking a downturn Tuesday afternoon.

“Price action is being driven by short-term technical analysis right now, as every low price that Bitcoin has bounced off of, and every high price that has been reached has proven to be resistance,” Jeff Dorman, chief investment officer at Arca, a Los Angeles-based asset manager that invests in cryptocurrencies, said in an email. “Because crypto is still dominated by short-term focused traders, these telegraphed narratives often become self fulfilling prophecies.”

Bitcoin’s Surge Means Smaller Rivals May Be Due for Rallies

Bitcoin’s Surge Means Smaller Rivals May Be Due for Rallies In the crypto world, Bitcoin continues to reign supreme. The largest digital asset is outperforming the next three biggest alternatives this year. It’s managed to hold above the key $10,000 level in the face of increasing headwinds. In times of recent market turbulence, it’s even taken on somewhat of a safe-haven accreditation. But technical indicators show the price action between Bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon.

a close up of a black background: Crypto Slide© Bloomberg Crypto Slide

Bitcoin fell for a second day even with the Intercontinental Exchange Inc.’s introduction of future contracts that settle in the digital currency for the first time by a U.S. federally regulated exchange. The ICE’s Bakkt venture issued 113 one-day contracts Tuesday.

“There was certainly some let down from Bakkt’s “disappointing” start, but those expectations were unrealistic.,” Dorman said. “It’s far better for Bakkt to start slow, on board customers, and show growth over time than to come out guns blazing and then fall flat 2 months later.”

Altcoins Lead the Decline© Bloomberg Altcoins Lead the Decline

Read More: Weekends Are for Altcoins When It Comes to Crypto Market Gains

--With assistance from Nancy Moran and Kenneth Sexton (Global Data).

To contact the reporter on this story: Olga Kharif in Portland at okharif@bloomberg.net

To contact the editors responsible for this story: Jeremy Herron at jherron8@bloomberg.net, Dave Liedtka

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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