Crypto Price Today: Bitcoin slips below psychological $60,000 mark. Etherium, Solana, others down by up to 9%. Here’s why
Dogecoin, Cardano, Tron, Avalanche and Shiba Inu which fell by up to 9%. Altcoins trading in the green included Tether and USDC.
BTC's decline is being attributed to the potential $9 billion repayment in collapsed cryptocurrency exchange BTC by Mt. Gox.
Concurring with this view, Shivam Thakral, CEO of BuyUcoin, said that Mt. Gox repayment was a major contributor. It has unleashed a selling pressure on the market, he said, adding that the recent offloading of Bitcoin by Germany and the United States governments have also added to the pressure. An unknown whale sold $810 million worth of Bitcoin within 3 minutes in the last 24 hours, contributing further to the falling price, Thakral informed.
Bitcoin has dipped below psychological support at $60,000 due to selling pressure from Bitcoin miners, Vikram Subburaj, CEO at Giottus Crypto Platform said. On the 4-hour chart, Bitcoin has been on a downtrend with high trading volumes, he said, adding that the RSI has dropped below 30, indicating that the asset is now in oversold territory. «Bitcoin has to defend its 200-day EMA at $58,300 to arrest a further decline, otherwise $57,000 levels will need to be tested,» Subburaj said.
Source: CoinMarketCap
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