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The fluctuation in the price of the King cryptocurrency has had a significant effect on altcoins, and the negative trend continues. At the time of writing, Bitcoin is trading at $30,280, having lost its $30,400 support level. This increased risk of further loss is heightening the concerns of altcoin investors. So, what is the current situation in the market?
What’s the Latest with Bitcoin?
We had mentioned that this week would be eventful on the macro front. It was necessary for the data to be better than expected for the Federal Reserve (Fed) not to increase interest rates further. However, this did not happen, and higher than expected wage increase data pushed investors to sell. Of course, we also need to keep in mind the ongoing negativity about Binance. The world’s largest exchange in terms of volume is losing some of its top executives during a critical lawsuit process. This has instilled in investors the fear that things could turn out worse than expected.
Closures below $30,400 for Bitcoin indicate that the decline could continue down to $28,500. Over the past weeks, many analysts had said such a correction could occur soon. Any potential decline would mean a further delay for the expected BTC rally and would multiply the losses in altcoins.
If BTC does not experience a significant increase today, it will close in the red for the fourth week after three weeks. This could mean the excitement over the BlackRock news may have waned.
What’s the Latest with Cryptocurrencies?
A significant portion of altcoins had started to test resistance levels while BTC was holding above $31,000. A $2,000 target for ETH had reemerged, and LTC had set its sights on $150. However, negativity on the BTC front, along with worrying macro data, have caused the cumulative value to fall back below $1.3 trillion.
On the other hand, total volume across all exchanges also fell below $20 billion today. With BTCD approaching 50% and the falling cumulative value, altcoin investors are becoming anxious. AAVE, KLAY, BIT, BCH, MKR, BSV, COMP, and XEC were the biggest losers of the day. BCH is still above $270, and the EDX Markets news allows it to remain somewhat resistant despite the market.
SHIB, AVAX, INJ, FTM, and EOS continue to stay on the green side. Shiba Inu (SHIB) has risen approximately 6.5% in the last 24 hours.
