Price, analysis and graph of Bitcoin (BTC / USD), Ethereum (ETH / USD) and Alt-Coins:
- Cryptographic money is falling – US capital gains increased tax fears.
- Exchange of Turkish cryptocurrencies Thodex crashes, customers do not have access to assets.
- This year, the fourth double-digit sale – volatility is back with a bang.
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The sudden sell-off of cryptocurrency may provide additional opportunities to board the crypto train if one should believe the prevailing market narrative, although the volatile nature of the move may hold back for some time. The final stage of the recent sale is thought to be due to US President Joe Biden’s proposals to tax capital gains for the wealthy, although this plan may be difficult to get through the house. The recent sale has dropped nearly $ 500 billion from the market capitalization, now $ 1.838 trillion, so that if buyers are interested, they have the opportunity to pick up coins at a proper discount to recent levels.
Turkish cryptographic exchange under fire
This week, there was another negative news in the cryptocurrency market that the Turkish crypto exchange, Thodex, was the closure, putting at risk tens of thousands of investors. The Turkish authorities – who already want to ban cryptocurrency transactions – have today launched an investigation into the platform and detained 62 people involved in the Istanbul-based exchange. Faruk Fatih Ozer, the company’s founder and CEO, was not arrested for fear that he had already fled the country.
Alt-coins under pressure
The biggest losses in the last week have been in the bottom coin room, with double-sided reversible rails visible everywhere. The market for bottom coins has been overwhelming this year, with many coins showing tremendous growth, the most prominent example being Dogecoin, which had risen 8000% in one step since the turn of the year. Many bottom coins have very little market capitalization and are traded at a fraction of a dollar, buyers hope they have found and received the next Bitcoin‘in front of the crowd.
Does history repeat itself?
Although the current market is under pressure, a look at Bitcoin’s agenda in recent months shows that double-digit sales and subsequent recoveries have already occurred three times this year. It can give hope to owners and new investors who cite a history that repeats itself for being in the market. The daily chart also clearly shows the nature of the over-selling using the CCI indicator and can add to the bull’s arguments. However, the technical structure tells a slightly different story, with recent sales denying the bullish series of higher lows. Bitcoin has also taken a decisive break below the 50-day simple moving average, a technical indicator that has provided support since October 2020.
Bitcoin (BTC / USD) daily price chart (October 2020 – April 23, 2021)
Ethereum has made headlines this week as it continues its recent Bitcoin leaderboard. The spread of Ethereum / Bitcoin reached its highest level before August 2018, before retreating today. If this market calms down, this trend is likely to return.
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What are your views Bitcoin (BTC), Ethereum (ETH /USD) and the Alt-Coin space – bullish or bearish ?? You can notify us via the form at the end of this section or you can contact the author Twitter @ nickcawley1.