NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin Price Correction Begins After a Massive $30 Billion Crypto Dump

Martin Young
Martin Young
6 years ago
2 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Market corrections are a natural part of their movements so we should not be surprised when they occur. Analysts and traders have been predicting this all week and it has finally been set in motion as Bitcoin and crypto markets tumble today.

$30 Billion Dumped as Bitcoin Drops

Total market capitalization has declined by over $30 billion in 24 hours as mass profit taking occurs from assets that have been on fire all week. From a 2019 high of $264 billion yesterday market cap has dumped to $230 billion today as cryptocurrencies shed double digits. The slid has been expected however and markets are still up over 33 percent since the beginning of the month.

bitcoin price down to $7,000
The bitcoin price drops to $7,000 as crypto falls (source: coinmarketcap.com)

Bitcoin has doubled in price since the beginning of April so a pullback is healthy and actually needed. Over the past few hours BTC dumped 10 percent, or a thousand dollars, back to just below $7,200. The sharp decline was triggered during the morning’s Asian trading session following a day with Bitcoin trading just below $8,000.

Crypto traders and analysts are now turning to the charts to look for support levels which will represent new buying zones. Trader Josh Rager observed the fall in Bitcoin’s dominance as altcoins surged yesterday;

“$BTC Dominance move down to 52% or below would continue to be extremely bullish for altcoins in the coming weeks,”

At the time of writing BTC dominance was at 56.3 percent, it had peaked out at almost 60 percent earlier this week, which is a seventeen month high. Rager added that the CME futures gap had now been filled and Bitcoin had hit its support level at the bottom of it;

https://twitter.com/Josh_Rager/status/1129227412703764481

Even bigger support levels for Bitcoin lie around $6,400 so this would be seen as a new entry point for many traders. Civic CEO Vinny Lingham noted;

“We’re in a Bitcoin recovery phase right now, since the $3100 bottom. Dips should be seen as good buying opportunities, unless we drop below the $6200 support level. Watch out for network congestion and fees hurting this run in the mid term if it moves up too quickly to test $20k.”

We're in a Bitcoin recovery phase right now, since the $3100 bottom. Dips should be seen as good buying opportunities, unless we drop below the $6200 support level. Watch out for network congestion and fees hurting this run in the mid term if it moves up too quickly to test $20k.

— Vinny Lingham (@VinnyLingham) May 17, 2019

Most are of the opinion that this dump is bullish and will result in further gains if the uptrend remains intact. BlockTower Capital CIO Ari Paul noted “I’m not sure this dip is bullish, but one interesting datapoint: I was in a room with 30 crypto people and no one batted an eye. Strong underlying confidence.”

As usual the altcoins are getting hit harder. At the time of writing most of them were dumping double digits with XRP, Stellar and Cardano dumping 14 percent. Bitcoin Cash, Litecoin and Binance Coin had all lost over 10 percent on the day as the correction continues on red Friday.

Image from Shutterstock
Tweet123Share265ShareSend
Martin Young
Martin Young

Martin Young

Martin is a Southeast Asia based info-tech, cyber security, and cryptocurrency analyst with 20 years working in web technology and media.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

5 Underrated Crypto Projects Bursting With Potential

There are tens of thousands of different cryptocurrencies in the world, and many of them are surely destined to fail....

NewsBTC 12 hours ago
Bitcoin price

Bitcoin Price Lags Below $110K — On-Chain Levels To Watch

The Bitcoin price has had a mixed performance in August, starting with a positive run-up to a new all-time high...

Opeyemi Sule 10 hours ago
Bitcoin

BTC Traders Remain Far From -12% Capitulation Zone – What Does This Mean?

Bitcoin recorded a slight 1.50% price gain in the past 24 hours, with prices now hovering within the $109,000 price...

Semilore Faleti 13 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin price

Bitcoin Price Closes Below STH Realized Price For The 2nd Time In 2025 — Details

Opeyemi Sule 10 hours ago
ETF

ETH And BTC ETFs Reverse Gains With $291M In Outflows Ahead Of New Week

Scott Matherson 11 hours ago
Bitcoin

Bitcoin Risks Deeper Losses If $107,800 Line Fails To Hold – Details

Semilore Faleti 12 hours ago

Premium Sponsors

Press Releases

  • Mova Gala: Mainnet Activation — Ushering in a New Era of...

    30 minutes ago
  • Token6900FTRD

    仮想通貨 1000倍...

    4 hours ago
  • HyperFTRD

    Bitcoin Hyper Presaleが1300万ドル突破 – ico...

    4 hours ago
  • MARAのAI参入と6BドルのBTC保有が示す次の波 – Bitcoin Hyperとミームコイン市場の可能性

    仮想通貨...

    5 hours ago
  • ミームコインと2025年最高の仮想通貨プレセール:BlockchainFXが620万ドル調達、TOKEN6900やMaxi Dogeを圧倒

    ...

    5 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.