Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K
DeFi tokens and altcoins bore the brunt of today's carnage as Bitcoin price dipped below $48,000. In the early morning trading hours Bitcoin (BTC) price abruptly dropped by 17.65% which triggered a major downturn throughout the entire market.Data from Cointelegraph Markets and TradingView shows that Bitcoin decreased from a high of $58,274 on Feb. 21 to a low of $47,622 during the early hours on Monday before buyers returned to lift BTC to its current value of $53,350. Daily cryptocurrency market performance. Source: Coin360Despite today’s $1.6 billion liquidation event, Bitcoin bulls....
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Bitcoin's dip below $30,000 triggered a sell-off in altcoins and dip-buying traders might not have enough momentum to cause a relief rally. Public companies have purchased about 85,000 Bitcoin (BTC) in the past year and institutional investors have pumped money into Grayscale Investments, which shows increasing institutional adoption is one of the main reasons for the recent Bitcoin rally.However, at the moment it seems institutional investors are unlikely to chase prices higher. If the fresh inflow of money stalls or reduces drastically, it could result in a pullback in Bitcoin’s price.....
Bitcoin has faced its first major correction since early November, dropping 13% from its all-time high of $108,364. This sudden pullback has sent shockwaves across the crypto market, shifting sentiment from extreme bullishness to uncertainty and even fear. The sell-off has been particularly brutal for altcoins, many of which are bleeding hard as Bitcoin struggles to regain momentum. Related Reading: On-Chain Metrics Reveal Cardano Whales Are ‘Buying The Dip’ – Details Key metrics from CryptoQuant highlight the gravity of the situation, with realized losses totaling $28.9 million—an....
Bitcoin has been sucking the air out of altcoins for the past few hours, with its price rallying significantly as Ethereum and other altcoins all sell-off This rally has sent it up towards $12,000, which mark fresh highs since its decline from its $12,400 yearly highs first began It does appear that bulls are currently setting their sights on a move past $12,000 Unlike Bitcoin’s previous rally – which came about in tandem with that […]
If Bitcoin seeing a minor correction or consolidation in the next few days could benefit select altcoins. The supply and demand equation determines the price of an asset. In the past few months, the uptick in institutional demand for Bitcoin (BTC) has resulted in a strong bull run. This uptrend may continue until demand exceeds supply.On-chain data shows two withdrawals of more than 12,000 Bitcoin each from Coinbase Pro this week, which is just short of the 28,000 Bitcoin mined in November. This suggests that demand from institutional investors remains intact even after Bitcoin’s recent....
Ethereum’s correction triggered a DeFi-token collapse which resulted in YFI and UNI dropping by 46%. After outperforming Bitcoin (BTC) and Ether (ETH) strongly in August, Decentralized Finance (DeFi) tokens are now plummeting as many registered losses of up to 50%. Cryptocurrency daily market performance snapshot. Source: Coin360At the moment, the two coins garnering the most attention are Yearn.finance (YFI) and Uniswap (UNI) as both have dropped by 46% and 48% since reaching a monthly peak.YFI/USDT 4-hour chart. Source: TradingView.comThree catalysts appear to be behind the correction:....