Cryptocurrency News

Cryptocurrency Markets Experience Bloodbath As Top Altcoins Report Massive Losses

The last 24 hours have been just pain for the whole cryptocurrency market with major altcoins experiencing huge losses. The market witnessed more dumps with more than $30 billion in cryptocurrency being dumped.

Altcoins have unforgettable Tuesday

Bitcoin SV (BSV) has taken the largest hit with significant losses of up to 34%. Popular altcoin Ether (ETH) dropped around 24% ending the day at $156. XRP dropped from an intraday high of around $0.28 to $0.234 which is below the critical price point of $0.25. Other coins that also experienced the losses include Bitcoin Cash (BCH) which dropped 24% and EOS, which lost 29%. Tron (TRX) and Cardano (ADA) also felt the losses with both losing 23%.

Bitcoin could be headed for more losses

Popular cryptocurrency, Bitcoin (BTC) on the other hand, crashed 17% and reached the end of its bearish cycle by hitting a three-month low of $8,000. There has been speculation for weeks that a massive drop to the long-term support at $8,000 was due, but it is surprising to see it happen now. There are concerns regarding whether investors could see it slide to $7500 as there is no sign of crypto prices stabilizing.

Bitcoin has been on a downward spiral since last week when it slid below $10,000 and failed to recover. The launch of Bakkt did not receive much fanfare as could be as markets failed to react to the bitcoin futures contracts. However, the reaction was something predicted. Bitcoin began descending from the apex of the triangle formed since June but after the coin broke the $9,500 support the downward momentum increase. Then came two red lights and all over sudden Bitcoin was back to $8,000.

This massive dump has resulted for calls for an even lower drop. For instance, Peter Schiff indicated that the coin had broken below the support level, which is a bearish technical pattern. He said that a major is set already and the possibility of increased decline is high, which could see BTC at $4000 to even lower.

BitFlyer adds more altcoins to platform

At the back of the bleeding experienced by Altcoin, cryptocurrency exchange BitFlyer has indicated that it is adding more altcoins to its platform in the US and Europe. The exchange announced on September 23 that they were adding Bitcoin Cash, Litecoin, Ethereum Classic Monacoin and Lisk for European clients. BitFlyer also indicated that Bitcoin Cash, Ethereum Classic, and Litecoin will be available for US customers.

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Ruchi Gupta

Ruchi Gupta covers various beats from finance to technology and from lifestyle to hobbies. She has an MBA in Finance. Ruchi enjoys writing on celebrities and political news. She likes traveling and exploring places.

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