Within the past 48 hours, cryptocurrency prices have dropped dramatically in the global market.
The price for Bitcoin, Bitcoin Cash and other cryptocurrencies have dropped significantly within the last 48 hours. As at the time this piece was written, the market for digital assets was recorded to have lost over $32 billion. The USD to Bitcoin exchange rate has dipped below 8k once again.
Market Analysis
The cryptocurrency trading system has suffered another blow as crypto prices suffer a dip. Apart from the drop in USD to Bitcoin exchange rate, other cryptocurrencies have been reporting losses as well. There is a bearish sentiment in the market and traders are not happy about it. As at the time of writing, the USD to Bitcoin exchange rate was struggling to stay above $7,800 after it lost its momentum by falling below the $8,000 zone.
The global trade volume for Bitcoin is a lower than it was about 24 hours ago. The top crypto trading platforms that have recorded trading the Bitcoin the most today are Okex, Bitfinex, Huobi, Binance, and Bitflyer.
The global fiat pack with Bitcoin trading is being dominated by the Japanese yen as it commands more than 54% of the trade volume globally. Other currencies are behind the Japanese yen with the USD dominating about 22%, tether dominating 13.9%, the euro dominating 2.5%, and, Korean won dominating about 2.9%. Within the past 24 hours, a $14.4Bn global trade volume has been recorded for all the 1,500+ cryptos.
The cryptocurrency trading system is experiencing bullish exhaustion considering that the USD to Bitcoin exchange rate was hovering above $8,500 not too long ago. The short-term SMA for Bitcoin has split indicating a bearish bias.
If the bulls push past resistance during trading sessions on the eastern side for Bitcoin Cash, there will be a few pots stops at around $910 and $1000.
