BTC price dropped to $57,860 at the time of writing and continues to seek buyers below $58,000. Although the sales have justified reasons, it is no longer surprising as it has been a common occurrence for months. Losses in altcoins are accelerating. So, what is happening?
Bitcoin (BTC)
After testing $65,000, it turned downward again. We mentioned the risk of sales down to $55,000 with closures below $61,700. After hours, BTC reached its current levels. At this stage, it is important that OpenSea signals the SEC will continue its fight with crypto.
On the other hand, WazirX’s bankruptcy filing after a hack incident of approximately $300 million fueled fear. We might be experiencing a process where bad news is priced in advance due to a combination of a few events. It is important for investors not to ignore the risk of further losses, especially in altcoins.
Altcoins may experience much faster losses if BTC falls to $55,000 and below. Despite interim rises, large sales at low prices in BTC and ETH raise concerns that those expecting a decline might have significant motivations.
