Bitcoin drops below 50,000 euros, altcoins deep in the red, when will the bleeding stop?
This is what we have been waiting for, the deep red numbers that every bull run has to deal with. A pullback that brings the market back down to earth and liquidates long and short positions before we can move on.
Bitcoin and Ethereum fall through barrier
Bitcoin is below the dollar for the first time in a long time Down 50,000 euros. The world’s largest cryptocurrency has fallen 8.5% to around €49,727. The drop follows a period of relative stability for Bitcoin, making this week’s sudden drop particularly notable.
Ethereum, the second largest cryptocurrency, also took a big hit. Its value dropped by 11% and is now at around 2,661 euros. This shows that the recent negative trends are affecting the entire crypto market.
Smaller altcoins drop 20%
However, today’s biggest losses in the BLOX app are not limited to just the more well-known coins like Bitcoin and Ethereum.
Tokenfi saw a hefty drop of 22% and is now worth just €0.0521. Sushiswap also lost 22% and is now worth €0.57. OMG Network, another notable loser, dropped 20% and is currently trading at €0.24. View all prices here.
If you’ve been watching prices this week, these sharp drops can’t have come out of nowhere. The broader crypto market has been on a tear over the past two days significant liquidations seen, with a total of 650 million euros being liquidated.
Bitcoin alone accounted for €190 million of these liquidations, which shows how much selling pressure there is in the market right now.
What do our analysts say?
It is clear that there is an intense sell-off, causing panic among investors and speculators. Although it is difficult to predict how long this downward trend will last, many market analysts remain optimistic about the long-term prospects.
After all, we are in a bull run that is said to only end in Will reach the top in 2025… However?
Later today we will have more in-depth analysis and reactions from our analysts share to give a better picture of the situation.
