{"id":367830,"date":"2019-01-10T23:00:57","date_gmt":"2019-01-10T23:00:57","guid":{"rendered":"https:\/\/wncen.com\/?p=367830"},"modified":"2019-01-10T17:41:16","modified_gmt":"2019-01-10T17:41:16","slug":"bitcoin-plunges-amidst-overall-crypto-market-downturn","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-plunges-amidst-overall-crypto-market-downturn\/","title":{"rendered":"Bitcoin Plunges Amidst Overall Crypto Market Downturn"},"content":{"rendered":"
Following the crypto market\u2019s recent stability, Bitcoin has now led the markets down and has erased all the gains it incurred this past weekend. Today\u2019s drop has led many altcoins to drop more than 10%, and the markets are showing few signs of finding any major support around their current price levels.<\/p>\n
It is important to note that analysts do not attribute today\u2019s drop to anything technical or fundamental, which signals that this plunge is likely based on a sudden increase in selling pressure.<\/p>\n
Today\u2019s drop has sent Bitcoin (BTC) spiraling down nearly 9% to its current price of $3,675, down from its recent highs of nearly $4,100.<\/p>\n
Alex Kr\u00fcger, an economist who focuses on cryptocurrencies, discussed the drop in a recent tweet<\/a>, saying that Bitcoin is entering a buying zone between $3,500 and $3,600, further noting that if it drops below $3,300, he would exit his long positions and reassess.<\/p>\n \u201cWhat a majestic dump. $BTC back to my buying area of 3500-3600. Below 3300 exit and reassess. I’d like to see BTC ending the day above 3700. Consolidation below 3600 (bottom of prior area) would tilt the balance towards further downside,\u201d Kr\u00fcger explained.<\/p><\/blockquote>\n Prior to this last weekend\u2019s pump that sent BTC to highs of $4,100, it was trading at $3,800, which acted as a level of light support earlier today when its price first dropped, from which it proceeded to form another leg down towards its current price levels.<\/p>\n Mati Greenspan, the senior market analyst at eToro, spoke about the cryptocurrency\u2019s recent price action in a note, explaining that there is nothing fundamental behind the drop.<\/p>\n \u201cMany have been asking about the sudden drop in the crypto markets this morning. In my view, there doesn’t seem to be any real reason for this drop, neither technical nor fundamental. The one interesting thing about this movement is that it seems to be an exact reversal of the surge that happened on Sunday afternoon. At this point, the gains made since the start of the year have now been reversed and we’re back to a neutral 2019,\u201d Greenspan explained.<\/p><\/blockquote>\n Bitcoin\u2019s downwards move has led the altcoin markets<\/a> to drop significantly, with most altcoins trading down 10% or more.<\/p>\nAltcoins Plunge 10% or More, XRP Overtakes Ethereum<\/strong><\/h2>\n