Crypto markets have lost billions overnight-analyst says Drawdown Normal and Bull Market Structure still intact-

Crypto markets have lost billions overnight-analyst says Drawdown Normal and Bull Market Structure still intact-

The cryptocurrency markets have lost significantly in the last 24 hours, since the entire market capitalization of all 10,000 existing crypto-assets on Tuesday morning (EST) fell to $ 2.77 trillion. After the Bitcoin price tapped 66,000 USD on Monday, it slipped below the 60,000 USD grip on a low of $ 58,563 per unit. After the steep decline, the Bitcoin Prize has again caught up in some losses, has risen again over the range of USD 60,000 and has started to show a certain consolidation.

Bitcoin, Ethereum, top cryptos see double-digit losses in 24 hours

digital currencies lost value on Tuesday because the market capitalization of the entire crypto economy has lost billions in the past 24 hours. Bitcoin ( btc ) fell by 7.5% on the last day and died 10.2% during the week.

btc /USD chart on November 16, 2021.

At the time of writing, btc exchanges for 60.563 US dollar per unit and has an overall market rating of $ 1.14 trillion. btc on Tuesday has a 24-hour trade volume of 48 billion US dollar and 52.43 % of these trades are with tether ( usdt ). This is followed by USD (18.75%), Busd (6.61%), JPY (4.79%), EUR (4.45%) and Krw (2.70%).

The five best crypto-assets on Tuesday, November 16, 2021.

The decline of Bitcoin from $ 66,000 to just over 60,000 has also led to the countless alternative markets for crypto-assets have stalled. Ether ( eth ) lost 9.2% overnight, and weekly statistics show that Ether has lost 11.6%. While btc has a dominance value of 41.5%, the market of Ethereum is 18.3% of the entire crypto economy. Most digital currency markets suffered decent losses, but coins such as Ecomi (Omi), Nexo (Nexo), Huobi token (HT), Wonderland (Time) and Helium (HNT) recorded only very low losses.

eth /USD chart on November 16, 2021.

crypto-assets such as spell token (spell), Kucoin token (KCS), Near (Near), Kadena (kda), arweave (ar), dash ( Bindestrich ) and Zcash (ZEC) lost between 15 % and even 22.4 % on the last day.

Ark36 Executive: "Burglary of the results in a leverage effect that contributes to a healthier market"

While Bitcoin, Ethereum and a number of cryptoma markets suffer deep losses, Mikkel Morch, Managing Director of the Krypto-Asset Hedge Geds ARK36, told Bitcoin.com News that the decline is normal.

"Bitcoin has done once again what it can do best - to defy expectations," said Morch. "After reaching an all-time high near the 69,000 mark last week, the general investor expectation was that the trend would continue immediately. Instead, we saw a largely sideways yesterday that culminated in a decline in almost 8 %. have." Morch continued:

However, it is important to remember that a drawdown of 8% is considered a normal market movement on the cryptoma markets. At the moment, the general bullish market structure is largely intact. In fact, a sudden drop in prices leads to a cleaning of the leverage, which contributes to a healthier market that is better equipped for continuing the upward trend in the medium term.

Huobi Global: Indicators show "High Bärische mood on the market"

The fundamental data of Huobi Global's Bitcoin market indicates that there are many factors that indicate that the market mood is currently bearish. "All EMAS steeply down, Bollinger-Band opening significantly expanded, the current indicators indicate a high decline in the market," Huobi Global told Bitcoin.com News on Tuesday morning. "From the daily level btc is now in a long negative line, the short-term upward trend is increased, the daily volume can be increased, the short-term trend can Keep moving further down, pay attention to the support below, ”added Huobi.

In a similar market outlook report, Huobi found that Ethereum ( ETH ) also indicate a "high back at the market" there. eth /USD chart indicator with a 4-hour time frame show that EMAS and the K line run downhill. "From the perspective of the day, the upward channel of eth could be broken through, and this retracement falls below the short-term level of support, and the follow-up is still looking for it, Whether there is effective support, ”Huobi Global concluded Bitcoin and Ethereum market outlook.

What do you think about the downturn of the cryptoma markets and the crypto economy that has lost billions in the past 24 hours? Let us know your opinion on this topic in the comments below.

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