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Bitcoin and Altcoins Nosedives, Market in Deep Red

Bitcoin and altcoins are under a lot of pressure as there was a continuous increase in selling pressure. BTC/USD moved down sharply and declined below the USD 9,000 level to set the pace for further losses.

The total market capitalization tumbled during the past few days and the value of all cryptocurrencies in circulation was down by more than USD 150bn. The total market cap now stands around the USD 388bn mark (as per the Coinmarketcap.com feed).

Many investors believe that India’s recent news about bitcoin and cryptocurrencies ban has sparked sharp selling in the market. They think that the Government is banning digital currencies. However, as I mentioned yesterday, there is no ban and the statement in the budget 2018 was misinterpreted.

The market is in a panic mode and most cryptocurrencies are down about 20%. Starting with the largest digital currency, bitcoin is down 11.80% to trade near USD 8,430. It seems like the current decline is far from over and a push below the stated USD 8,430 could ignite a downside wave below the USD 8,000 level.

On the upside, there are many hurdles for buyers such as USD 8,800, USD 9,400 and USD 10,000. Moving on to the second largest cryptocurrency, Ethereum’s Ether fell by more than 20% to trade below USD 880.

The next major support for ETH/USD is around the USD 800 level. To the top side, the pair is facing is a major resistance near the USD 980-1,000 zone.

Other altcoins such as bitcoin cash also followed the market sentiment and moved lower by roughly 17%. It traded below the USD 1,150 level and it seems like the current trend could push BCH/USD towards the USD 1,050 level.

Ripple was one of the worst performers as it moved below the USD 0.8000 level. It is under a lot of pressure and it could soon break the USD 0.7000 level to register nasty declines.

Furthermore, LTC/USD tumbled by more than 20.50% to trade close to the USD 110 level. Similarly, NEO/USD declined 19.50% to test the USD 100-105 zone.

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