• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis

Not a Dump: Crypto Market Loses $15 Billion in a Day as Bitcoin Slips

Davit Babayan by Davit Babayan
2 years ago
in Technical analysis, Bitcoin, Cryptocurrency news
Reading Time: 2min read
Not a Dump: Crypto Market Loses $15 Billion in a Day as Bitcoin Slips
Advertisement

Global crypto assets trended in a red zone this Thursday, with the CoinMarketCap chart noting an 8.11 percent drop as bitcoin slipped.

Bitcoin Leads the Corrective Sentiment

Bitcoin, the most dominant asset across the global cryptocurrency index, plunged 4.24 percent in what appeared like a technical correction. The cryptocurrency on April 2 had undergone a surprising bullish makeover, jumping more than 23 percent in just two hours. The upside move pushed its trading sentiment into the overbought zone, which typically makes a profitable exit position for day traders. (Read our NewsBTC coverage here for more insights on bitcoin price.)

Global Cryptocurrency Market Valuation Plunges 8.11 Percent | Source: CMC

The rest of the cryptocurrency market, known for tailing the bitcoin trend, stuck to following it during today’s trading session. The second-most dominant Ethereum posted an aggressive 9 percent drop while XRP, the third-largest crypto, noted a 7 percent decline. Super bullish EOS, Litecoin and Bitcoin Cash also toppled in a range of 10-14 percent.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The only exception came in the name of Crypto.com Chain. The blockchain project appreciated in valuation despite the session’s bearish sentiment, noting a 14-percent surge in the past 24-hours.

What Kicked the Crypto Market?

Developments inside the cryptocurrency market were not adequately influencing to drive it lower. However, mainstream finance witnessed some major updates which may have indirectly influenced the market participants in the crypto space. At first, the Federal Reserve released its minutes which revealed that the policymakers were putting a pause on interest rate hikes in 2019 due to increasing economic uneasiness between the US and other global economies. However, some FOMC members didn’t avert the possibility of a rate increase at the end of 2019.

David Madden, a market analyst at CMC Markets UK, said in a daily research note:

“The minutes last night showed that some policymakers would be keen to hike rates should the economy improve, and that took some traders by surprise as they thought a rate hike in 2019 was off the table. In a way, it was typical of the Fed to give themselves some wiggle room.”

The Fed’s minutes revelation didn’t exactly affect the stock market performance, but it certainly delivered unclear catalysts for equity investors. If anybody among those hold cryptocurrencies in their portfolio, their supersonic weekly gains might have been enough to balance-off their risks in the mainstream markets. There is a possibility that the vast crypto correction today appeared because of that.

Not a Dump

The crypto correction nevertheless is not a dump since the principal assets are still trading above their crucial supports. Cryptocurrency analyst Alex Krüger stressed that a downside bitcoin move was likely to bounce back from certain support levels, which included a daily moving average indicator.

“Coinbase high was $5489,” he tweeted. “Don’t expect a pullback to $4000. Too deep. Support: 5000, 4780-4680, 4550 (200DMA), 4400, 4200. Resistance: 5350, 5500, 5750 (weak), 6000, 6400.”

Base case scenario:

– Up. FOMO. 5500 (5000 too close).
– Then down. 4000 feasible, see latecomers fold.
– Then chop in the gap, form a new range
– Sustained bull resumption afterwards

Analysts still waiting for 1500 or 1800 likely won't be selling many books.

— Alex Krüger (@krugermacro) April 2, 2019

Tags: bitcoincryptocurrency
TweetShare110
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Davit Babayan

Davit Babayan

Davit Babayan is an Armenia-based expat balancing the academic life of a software design engineer with the experiences of a financial technology journalist. He aspires to be a full-time columnist and wants to write a book that would be called, "A Homeless Who Found Bitcoin."

Related Posts

Ethereum

TA: Ethereum Bulls Keeps Pushing, Why $1,720 Is The Key For Fresh Rally

12 mins ago
Bitcoin

TA: Bitcoin Consolidates Above $50K Why BTC Could Face Bears At $52K

2 hours ago
bitcoin collateral

Summing Up The Case For Bitcoin As The Future Of Collateral

4 hours ago
Algorand, OKEx

OKEx Announces Support for USDT and USDC Stablecoins on the Algorand Blockchain

11 hours ago
hashbon

How to Get 0% Commission for Accepting Crypto Payments – Meet Hashbon and Its Native Token

11 hours ago
payment gateway

Open Source vs. Ready-Made Payment Gateways: Which Crypto Processing Option Is Easier to Implement

12 hours ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Oxygen Protocol to List OXY Tokens on BitMax

February 24, 2021

HOPR Hosts Global Token Launch Event on February 24th after First-Of-Its-Kind DAO Experiment

February 24, 2021

Egoras- a Decentralized Finance Ecosystem for Growing Markets!

February 23, 2021

Newsletter Signup


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.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +

© 2020 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.