From bitcoin (BTC) rate has fallen sharply today due to the widespread panic in the markets regarding a Chinese company. You can read more about this in this article. How did the prices of bitcoin and altcoins develop? You can read it in this market update.
Bitcoin (BTC) at major support
It’s not a pretty sight; bitcoin is through the 50 and 200 days today moving average (MA) slumped into a correction due to market panic. So far, the low reached is $42,500. This marks a 10% correction since 24 hours ago.
At the time of writing, the price of bitcoin is $43,766. The price has bounced slightly in recent hours, but whether this was it remains to be seen. We do, however, see an increasing trading volume with the buying volume predominating over the past 4 hours. So some of the traders seem to be buying the dip here, waaronder El Salvador. At $42,000 to $40,000, the bulls the most important zone at the moment.
$ BTC you swept the lows
Now please bounce pic.twitter.com/iVMHd67ek5
– Rager @ (@Rager) September 20, 2021
The panic stems from the Chinese company Evergrande. The real estate giant has huge debts and seems unable to pay it anymore. Because the bank has debts with more than 100 banks in China, this could affect the entire Chinese economy. Whether things get that far out of hand will probably become clear this week. In any case, the uncertainty will remain in place for the next few hours.
Polkadot (DOT) en avalanche (AVAX) dalen hard
And if bitcoin corrects, the altcoins follow more often than not. Ethereum (ETH), the largest altcoin on the market, is correcting 8.9% and is back just above USD 3,000. Cardano (ADA) drops 9.6% and is worth $2.15. Further down we find harder descenders.
So notes ripple (XRP) down 12.6%, polkadot (DOT) 13.5% and dogecoin (DOGE) 11%. Avalanche (AVAX) takes the hardest blow of the top 20 and is down 18.2%. All in all, the value of the crypto market plunges back below $2 trillion due to the corrections.
In the past 24 hours, the market lost more than $250 billion of its value. All cryptocurrencies combined are now worth $1.95 trillion.
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