Home / Crypto Currency / Major Cryptocurrencies Drop Again as Bitcoin Loses 3%: Market Down $6 Billion

Major Cryptocurrencies Drop Again as Bitcoin Loses 3%: Market Down $6 Billion


Bitcoin price

Advertisement

CCN is expanding. Are you our next full-time journalist from the West Coast USA? Send us your CV and examples here.

Large market cap cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) have dropped in value once again.

In the past 24 hours, the cryptocurrency market lost more than $6 billion, as its valuation dropped from $142 billion to $136 billion.

Bitcoin, which seemed to be demonstrating a fairly strong price movement in the last two days from November 28 to 29, experienced a $150 price drop, becoming vulnerable to falling below the $4,000 mark.

$3,700

Depending on the volume of the cryptocurrency, technical analysts see the price of Bitcoin in danger of dropping below $4,000 to around $3,600 to $3,800 in the short-term.

Alex Kruger, an economist and cryptocurrency trader, said on November 29, prior to BTC’s abrupt 3 percent drop, that a breakount of the $4,400 mark could potentially lead to BTC achieving $4,800 to $4,900.

Bitcoin failed to engage in an upward movement above the $4,300 mark, falling back down to $4,100. At the time, Kruger said:

“Looking for $4,800 – $4,900 if $4,400 gets breached. That’s the base of Nov 19 and right above 20EMA. Starting with 4800 interested in shorts. This was initially 4400, changed plan. Below $3,700 exit longs. Too soon to short the lows again, would like prior consolidation for that.”

The analyst stated that a bottom was established shortly after Bitcoin recovered beyond the $4,000 this past week, but emphasized that a proper bottom is yet to be formed by the dominant cryptocurrency that would allow it to breach major resistance levels in the $5,000 to $7,000 range.

“That’s a static/base trading game plan with rough levels. Decision making is actually dynamic. All of this is irrelevant for investors. Based on the macro landscape, IMO the bottom is not in, regardless of how great the chart may look,” he added.

Technical analysts like Mayne also suggested that the price of BTC will likely remain in the range between mid-$3,000 to mid-$4,000 throughout the foreseeable future, unless the asset initiates a major price increase within a 24-hour span, as it did on November 28 by recording a 13 percent price surge.

Tokens Bleed Out

Between November 28 and 29, as Bitcoin increased from mid-$3,000 to $4,200, both large and small market cap tokens recorded an average gain of 20 percent against the U.S. dollar.

Over the past 24 hours, tokens recorded losses in the range of 10 to 15 percent, nearly deleting all of their weekly gains.

0x (ZRX), Polymath (POLY), and Ziliqa (ZIL) are amongst the worst performing digital assets on the day, with ZIL recording a steep 14 percent decline in value.

In a period in which 0x and BAT are performing poorly against the U.S. dollar even with the listing by Coinbase that clears the assets from being considered as securities in the U.S. market, tokens are expected to continue seeing large losses in the short-term.

The U.S. federal court recently ruled a case in favor of an ICO project against the U.S. Securities and Exchange Commission (SEC), and the case could lead investors to believe that high profile projects that have the resources to comply with local regulations could be protected from the SEC.

Click here for a real-time bitcoin price chart.

Featured Image from Shutterstock. Charts from TradingView.

Get Exclusive Crypto Analysis by Professional Traders and Investors on Hacked.com. Sign up now and get the first month for free. Click here.
Advertisement
Read more

Check Also

More & More UK Students Purchase and Resell Drugs Bought on the Darknet

Most people see the internet as a great tool to make money. Whether it is by freelancing, selling on auction sites, or speculating on cryptocurrency, the opportunities are virtually limitless. One interesting trend in the UK is a major cause for concerns. Undergraduates are currently exploring more dangerous revenue streams, especially when it comes to selling drugs bought on the darknet. Reselling Darknet Goods is Profitable No one has ever doubted buying and selling goods and services on and from the darknet can be quite profitable. This is especially true when it comes to less legitimate offerings, such as weapons, drugs, and other things. Several students across the United Kingdom are currently exploring options in the drug trade, albeit with a bit of an interesting – and worrisome – twist. To put this into perspective, students have shown a growing interest in buying drugs from the deepweb. That in itself is an extremely worrisome trend first and foremost, yet it is only the beginning of what comes after. More specifically, these students are actively reselling these drugs on their university campus for a profit. It is not entirely surprising to learn schools and universities are home to a thriving drug market, for a wide variety of reasons. Rather than relying on typical street corner dealers, these students get their goods online. This makes it easier for them to obtain the narcotics in question, as well as net hefty profits of up to 700% in quick succession. It is this profit which seems to be of great interest to students looking to make ends meet. The allure of making thousands of pounds every month will undoubtedly attract even more attention moving forward. Considering how this trend has already gotten on the radar of UK police officials, it seems a major crackdown will occur sooner rather than later. At the same time, one has to keep in mind it can be incredibly difficult to identify the drug dealers in this day and age. The darknet allows users to remain anonymous. Moreover, the students engaging in this activity are often those who put in a lot of effort in terms of studies and legitimate jobs alike. As is always the case when incidents like these occur, no one has an idea of the full scope of this drug circuit. Although Durham University has been publicly named in the preliminary reports, it is safe to assume other universities will be home to a similar “industry” at this time. After all, activity on the darknet has been on the rise globally for several years now. It is only normal those who want to make quick money feel drawn to exploring criminal business models. For the time being, it remains a bit unclear what the next course of action is. Durham seemingly has suffered from an influx of drug vendors, especially those who buy the goods off the darknet. As such, going after the dealers in the city makes a lot of sense, although it will not address the problem in terms of those selling drugs on the darknet itself. That will remain a bigger problem which is tricky to address right now. The post More & More UK Students Purchase and Resell Drugs Bought on the Darknet appeared first on NullTX.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.