Bloodbath Alert

Last weekend, Bitcoin (BTC) and the larger crypto market saw an extreme sell-off, which saw Bitcoin and the overall demand for cryptos losing almost 10 percent. Over the past three days, the larger crypto market has lost $250 billion of investors’ wealth.

The largest cryptocurrency globally, Bitcoin (BTC), is now trading at $33,500 by the week’s end. Twitter handles Blockchain Backer. Blockchain Backer says that Bitcoin loses its vital support of 100-day moving average (DMA) can trigger more selling.

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The crypto analyst clarifies:

Bitcoin is closing the week below the 100-week moving mean. The previous two times saw an end to the 200-week moving averages in 2014 and 2018. Today’s chart shows many differences from the two last times and the two periods had a lot in common with the other.

 

Big dive in tomorrow.

The provider of data on the Santiment further states that traders’ sentiment has shifted to harmful levels.

It reads: With the Bitcoin price now retracing to $33.9k, the sentiment of traders has dropped to six-week lows. We generally prefer these kinds of capitulation signals since, in the event of weak hands, leaving the market is usually what’s required to create a notable rebound.

After today’s correction, the BTC price has dropped by nearly 30% year-to-date.

Altcoin Market Sell-Off, LUNA Crash

Ethereum (ETH) is continuing to track Bitcoin closely. ETH price has dipped just under $2,500 and is nearing the low of $2,200 in 2022.

In the past few days, Terra faced significant price adjustment, with LUNA falling by 20% in one day, despite the massive sale of the UST stablecoin. Concerns about a de-peg were prominent in the price as UST stablecoin fell below $1.0. According to an analyst in crypto, Colin Wu explains:

The circulation of LUNA was up by 957,201 in one day, reaching 91.357 million, which is a record for the supply of LUNA in one day from April 8.

The Luna Foundation is reportedly working on measures to secure the UST piece of Bitcoin.

Source: Google News Trend

By Vil Joe

A writer and editor based out of San Francisco, Vil has worked for The Wirecutter, PCWorld, MaximumPC and TechHive. Her work has also appeared on InfoWorld, MacWorld, Details, Apartment Therapy and Broke-Ass Stuart. In her spare time, she takes too many pictures of her cats, watches too much CSI and obsesses over her bullet journal.

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