Technology Altcoins Lead Cryptocurrencies Lower After Bitcoin Futures Start Slow
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%.
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 BitcoinMonday 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
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.
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.”
--With assistance from Nancy Moran and Kenneth Sexton (Global Data).
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Bitcoin price and Co .: From this date, the crypto market could start to climb again.»Buy Bitcoin, Buy Ripple, Buy IOTA, Buy Litecoin, Buy Ethereum, Buy Monero. downward movement in January almost "tradition" The example of Bitcoin shows that crypto currencies have always experienced a setback in the past at the beginning of the year. Bitcoin, for example, hit a high of $ 469.10 on December 12, 2015, then dropped to $ 354.91 on January 16, 2016, a drop of almost 25 percent. Then it went up for the cyberdevise again. In other years similar movements can be identified. The downward movement at the beginning of a year can have different reasons, which can usually only be speculated. Several factors play a role at the present time. Bitcoin futures, crypto regulation and hacker attacks As a burden on the Bitcoin price, the new CME exchange futures have emerged. The mere announcement of these financial products drove the price of a coin far higher. It was not until December 11, 2017 that investors on an official, regulated stock exchange were able to bet on falling Bitcoin quotations. But the first round of futures expired on January 17, the second on January 26, prompting prices to go down. In addition, more and more official agencies are stepping in to regulate the trading of cryptocurrencies. But not only financial and stock market supervision are alarmed, even
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Deutsche Bundesbank never tires of emphasizing how unstable cryptocurrenciesare. In addition, there are numerous hacker attacks, most recently on the However, another factor could be responsible for falling prices.Can the Chinese New Year cause price fluctuations? Another reason for falling crypto prices could be the Chinese New Year. The festivities are scheduled for the 16th of February. In China, the New Year is traditionally celebrated with gifts and family visits. To raise the necessary money for these things, many Chinese could sell their bitcoins and other digital currencies. Since most cyberdevisen investors come from Asia, this could also have an effect on the prices. In return, it is possible that the downward movement in Bitcoin and Co. may have ended just after the Chinese New Year. Not only investors from the Asian region could venture the entry again, also the comparatively low entry price could entice further investors. Editorial finanzen.net
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