Correction in the cryptocurrency market: analysis of recent price changes for Bitcoin and ETH
The cryptocurrency market is not starting the week in the best shape. Bitcoin and leading altcoins have lost significant value over the past few hours.
Bitcoin fell from $71,000 to below 69,000, and Ethereum from $3,850 to below 3,700. All other top altcoins were also down around 10%.
According to cryptanalytic platform coinmarketcap, approximately $300 million was liquidated in the last 60 minutes alone. This indicates that investors were actively selling their positions.
There may be several reasons for this. Some investors may be taking profits after the recent market rally. Others may have been frightened by possible restrictions from regulators (no obvious measures are being taken at the moment).
I believe the sell-off is most likely a “liquidity hunt” with larger players trying to purchase coins at lower prices. I think the market will maintain its current trend.
You can also subscribe to the blog. Here we will publish materials that will help you earn money.
