Cryptocurrencies Devaluation in 48 hours: Bitcoin, Ethereum down by an average of 20 - 30% In the last 24 - 72 hours, the top cryptocurrencies have c
Cryptocurrencies Devaluation in 48 hours: Bitcoin, Ethereum down by an average of 20 – 30%
In the last 24 – 72 hours, the top cryptocurrencies have crashed: all down by an average of 40%.
However, not all investors will be licking their wounds right now. As they always say, those who entered the market early with a CFD Sell will be celebrating.
Bitcoin is facing one of the biggest crashes in its career to date with a ratio of 37%. Within 48 hours, the popular cryptocurrency drops from $8,000 to a low of $4,100. Such a decline not only caused fear among private investors but also panic.
While Bitcoin has rebounded toward $5,600 overnight, analysts are finding that there is little buying pressure between the $4,000 and $5,000 range, and the cryptocurrency could continue its downward trend again.
What’s next – Bitcoin?
But one thing should not be forgotten: Bitcoin has performed incredibly well in recent years and even if there is currently extreme uncertainty on the market, the infrastructure has continued to evolve. But there are still some bullish fundamentals:
- Bitcoin halving in less than 60 days
- Bitcoin hash rate hits record levels
- Daily network transactions are constantly over 350.00
- Number of addresses with more than one Bitcoin reached record levels
- Number of blockchain wallets at a record level
At this point, everyone has to decide for themselves whether they want to buy Bitcoin and use the reset to accumulate BTC. Although, despite the volatile turmoil, people suspect Bitcoin will still have a promising future.
Optimism was dashed by the recent crash, however, after traders dropped out in droves, causing enormous network congestion.
The crash left the coin to 127.23 US dollars fall. The sell-off increased the volume to $30 billion – a top activity for ETH. ETH suffered an average of 33% in crash.
The current crash was spectacular in speed, happened within a 24-hour window, and was based on panic in the traditional and crypto markets. But ETH also crashed in a larger timeframe, from a high of over $300 in summer 2019.
Ripple crashed 50% in a day and broke the $0.1500 support against the US Dollar. XRP price tested the $0.1200 support area and it is currently showing positive signs in terms of recovery.
Along with the other digital currencies, Altcoins also suffered a massive crash. An average of 20%.
What led to the absolute sell-off on the market?
All markets are suffering from the coronavirus pandemic. Italy is in quarantine, the number of infected people is increasing rapidly and global uncertainty is causing investors to panic and prefers cash holdings.
Governments and central banks around the world hold crisis meetings on how to boost the economy. Stimulus packages, interest rates, and tax cuts are under discussion to counter the recession. However, to what extent Bitcoin and the crypto market will benefit as a risky investment is unclear.
Because one thing is currently clear:
Investors have lost confidence in the cryptocurrency in the last few days, which was actually created as “protection” from the next crisis.
This was indeed a black day for digital currencies.
On Twitter, some people are suggesting that Bitcoin and other currencies will experience another devaluation scenario soon, which is causing panic and striking fears among investors, and those who don’t possess digital currencies are looking towards this event as an opportunity to invest in crypto.