In a surprising move, bitcoin (BTC) price crashed this weekend, dropping to the levels last seen in January, while all major altcoins are in red against BTC on Sunday.
BTC dropped on Saturday sharply and is still moving down on Sunday. At pixel time (16:01 UTC), bitcoin trades at c. USD 8,431 and is down almost 8% in a day and 2% in a week, increasing its monthly losses to almost 13%.
BTC price chart:
The whole market capitalization decreased by almost 9%, to USD 242 billion in a day, while other coins from the top 10 are down against USD by 9%-16%, and by 2%-10% against BTC.
Now, from the top 10, only tezos (XTZ) is in green in the past month (+24%).
~$175MM in liquidations on Bitmex BTC swap, futures, and ETH quanto in last 24hrs.
Love the smell of napalm on a Sunday morning. pic.twitter.com/izXPZvD8WJ
— light (@LightCrypto) March 8, 2020
Unfortunately doubt it holds, no big buy at these levels, and open value didn't drop at all, meaning whales aren't closing their shorts.
It's like there's no buyers at all.
At this point $8200 holding would be a gift. Yearly open is clearly in play.
— plopinou (@plopinou) March 8, 2020
— CryptOrca (@CryptOrca) March 8, 2020
To damage and disable smaller miners, take ownership of the hashrate, reduce the network difficulty.
— The Consensus Herd (@coinvomit) March 8, 2020
Just leaving a big CME gap to fill next week.
— Alan De Keyrel (@dekeyrel) March 8, 2020