The cryptocurrency market has lost 30 billion dollars in just a day
On the morning of Tuesday, November 20, cryptocurrency market has lost in the capitalization of the order of 30 billion dollars from yesterday’s highs, and reached the level of $147 billion. Panic and sales continue, under attack is the whole market – the first page of Coinmarketcap, not only top 10 but top 100 cryptocurrencies, everything drops in price and are in the red zone.
Bitcoin plunged 15% the day after a technical “flag” on the daily chart which I mentioned yesterday. In exchange, the Coinbase price is already below $4500, trading at $4393. Now the next target of the reduction will be $3100, and in a short time, the market can not only be achieved, but to overcome.
The fall of bitcoin prices is accompanied by panic, and trading volumes higher than those accompanying previous movement in the breakdown of the $6000.
Ethereum also decreased by 15% per day, reaching a low of $134, and now is seriously inferior to the second place in the ranking of the token Ripple XRP, the gap between them is more than $5 billion.
As I mentioned, the reasons for such sale is a set of factors, including long-term consolidation of the market, and the accumulation of a huge number of long positions by speculators betting on a rise. The breakdown of the support levels and the breakdown of the stops pulled the price even lower.
Also the actions of the SEC, which announced the number of tokens in securities, is of concern to investors and are only the beginning of a tightening, “cleansing” in the market of ICO projects.
Graphics card manufacturer, Nvidia, reporting on reducing the demand among miners for the new device, called the events “the end of the cryptocurrency madness”, which in turn demonstrates a more than skeptical attitude of traditional business to new, chipaway area.
In addition to directly what is happening in the world of cryptocurrencies, also the reason for the sharp sales may be the global trend of growth of cost of dollar borrowings, and the falling stock market of America. With the growth of turbulence in traditional financial cryptocurrency, contrary to the expectations of many enthusiasts, has not acquired status as a safe haven. This trend is likely only to intensify, pushing the price to new lows.
“International Financial Center”