Ethereum
“Is It Time to Panic?” – Sudden $200 Billion Drop in Bitcoin, Ethereum, Solana, XRP and Cryptocurrencies Raises “Critical” Alarm
Bitcoin
Bitcoin
fell sharply, crashing to around $60,000 per bitcoin and hitting other major cryptocurrencies including Ethereum, Solana and XRP
XRP
.
Bitcoin’s price has fallen to $62,000, its lowest level since early May and down more than 10% from its recent peak. Meanwhile, the prices of the top ten cryptocurrencies, Ethereum, XRP, and Solana, have fallen even more sharply, wiping $200 billion from the market combined over the past week.
Now, traders are looking to a “critical level” that, if breached, could send the price of bitcoin plummeting.even as the market braces for a massive political earthquake this week.
Register now for the free CryptoCodex—A daily five-minute newsletter for traders, investors, and the crypto-curious that will keep you up to date and ahead of the Bitcoin and cryptocurrency market bull run.
Forbes: ‘The Next Domino To Fall’ – Tech Billionaire Prepares Bitcoin For Massive Price Shock
Bitcoin price crashed towards $60,000 per bitcoin, hitting the price of Ethereum, Solana, XRP… [+] and the broader crypto market.
SOPA Images/LightRocket via Getty Images
“The critical level to watch is $61,500,” Markus Thielen, bitcoin and cryptocurrency price analyst at 10X Research, wrote in a statement. note to customers who asked if it was “time to panic?”
“If bitcoin trades below this level, prices could drop to $50,000 or even lower. Technically, bitcoin appears to be following a double top formation as the support level is being tested. This chart formation should be our base case unless it is invalidated. This formation could easily see a drop to $50,000 or even $45,000.”
Register now at CryptoCodex—A free daily newsletter for the crypto-curious
The collapse in the price of bitcoin has caused the cryptocurrency market to fall sharply, including Ethereum, Solana and XRP.
Forbes Digital Assets
The bitcoin and cryptocurrency market has surged this year as traders bet on a dovish turn from the Federal Reserve as inflation measured by consumer price index (CPI) data recedes alongside a dramatic policy shift in Washington that could mean a much friendlier stance toward cryptocurrencies from U.S. regulators.
“Yes, the US elections and CPI should be bullish later this year, but we can still see a steeper correction,” Thielen added.
Bitcoin’s price has also skyrocketed this year, boosting the price of Ethereum, Solana, XRP and the broader market, thanks to the long-awaited arrival of a fleet of spot Bitcoin exchange-traded funds (ETFs) on Wall Street.