BTC under pressure from sellers, SushiSwap stages comeback
Coinbase CEO tweet sparks market-wide crypto bloodbath
Today's edition of OKEx Insights' Crypto Market Daily covers Bitcoin, Ethereum, altcoins and DeFi.
The cryptocurrency market is experiencing a broad sell-off this morning as the price of Bitcoin (BTC) is collapsing. The first and foremost cryptocurrency has dropped 12.4% over the past 24 hours across global cryptocurrency exchanges, as per the time of this writing. At the same time, major altcoins have seen worse declines — many over 20%.
Unsurprisingly, the total cryptocurrency market capitalization has collapsed more than 13% to just over $500 billion, as of the time of this writing.
Despite the market being overly euphoric and extremely greedy, as we covered in yesterday's Crypto Market Daily, this current sell-off may be almost entirely news-driven. Coinbase CEO Brian Armstrong took to Twitter roughly 10 hours ago and explained that his exchange is disabling margin trading following rumors that regulators in the United States are preparing to clamp down on the industry by forcing companies to verify the owners of self-hosted wallets. Though these claims have yet to be made official from U.S. authorities, the cryptocurrency market has clearly been spooked, nonetheless.
Meanwhile, traditional markets have also cooled off — though far less dramatically — ahead of the Thanksgiving holiday in the U.S.
Top altcoin gainers and losers
- PMA/USDT +32.14%
- SFG/USDT +25.91%
- WXT/USDT +24.40%
- KCASH/USDT -30.07%
- DHT/USDT -30.51%
- ZIL/USDT -29.95%
Despite the proverbial streets of the cryptocurrency market being filled with blood, some altcoins on OKEx have still performed quite well. S.Finance (SFG) and WXT are both up more than 24%, while PMA is up more than 32%.
BTC technical analysis
The price of BTC has finally fallen below the ribbon of exponential moving averages on the four-hour time frame — something it hasn't done since early October.
Given the speed and tenacity at which the market leader's price is falling, this would seem to indicate that a correction is underway. Downside targets traders will be watching include $15,800, $14,000 and $13,500.
However, news-driven price movements aren't always reliable, and the possibility still exists that institutional buyers will continue to absorb price declines in an effort to grow long-term positions.
ETH technical analysis
The price of Ether (ETH) has already hit what some traders might consider to be its first major support zone between $490 and $495. Accumulators looking to buy the leading altcoin before Phase 0 of Ethereum 2.0 launches may be doing so here, while downside targets for bears currently sit around $420.
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