Tuesday, October 19, 2021
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build inside bulwark against losses

Bitcoin course on a dive trip. (Image: dpa)

On Monday morning, the prices of most crypto currencies fell sharply – including Bitcoin. Users of the Binance crypto exchange tried to support the Bitcoin rate.

As recently as Saturday morning, it looked like Bitcoin was marching towards the US $ 50,000 mark. Within a few hours, the price of the largest cryptocurrency rose by around five percent. Overall, the outlook appeared bullish. Two days later, however, it suddenly went in the other direction. The Bitcoin price collapsed on Monday by eight percent to below 43,000 dollars.

Bitcoin price is losing, Altcoins are losing more

With that, however, the market leader was still in a comparatively good position. Many altcoins such as Ethereum or Dogecoin lost well in double digits. The overall crypto market lost over ten percent of its market cap, which dropped to $ 1.88 billion. One of the reasons for the slump is the generally bad mood in the markets because of the shaky Chinese real estate company Evergrande.

During the course of Monday, however, the Bitcoin rate in particular went up again relatively quickly. According to the industry portal, the shareholder has torn an important line of support in the range between $ 44,000 and $ 45,000. The correction low from last week, which was $ 43,591, has now been undercut. Support in the area of ​​around $ 42,500 appeared to have held. There was a minor rebound. On Monday evening, the Bitcoin price moved around the $ 44,000 mark.

Bulwark is supposed to slow down the Bitcoin crash

A special action by users of the Binance crypto exchange could have been partly responsible. According to the crypto news site cointelegraph.com, they are said to have built a kind of bulwark with numerous purchase orders. That could slow down the crash of the Bitcoin price. Meanwhile, the crypto community remains comparatively bullish. The well-known investor Pentoshi thinks via Twitterthat a price slide to $ 41,000 is possible. However, he assumes that the Bitcoin rate will reach $ 56,000 to $ 58,000 in the next three weeks.

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The news that several US authorities, such as the Commodity Futures Trading Commission, have apparently initiated investigations against Binance, may also have been of little help to the market as a whole. The world’s largest crypto exchange has been under pressure for a long time. One allegation is that Binance does not have a real headquarters. Now it should also be about insider trading and market manipulation, as reported by Bloomberg. The comment by a JP Morgan analyst that Ethereum is valued far too high and an ether price of $ 1,500 is appropriate was also hardly conducive to the mood in the crypto scene.

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Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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