Bitcoin drops below $19K, pulls the entire market cap below $1T

Bitcoin drops below $19K, pulls the entire market cap below $1T

Bitcoin [BTC] investors do not expect that the king of crypto will have any other plans despite a bullish start on September 6.

Unfortunately, the coin This has not cared about the excitement and has dropped from an initial high of $19,979 to trade at $18,739 by press time. This price level is the lowest BTC has reached since dipping below $18,000 on June 6.

In addition to its own red, BTC has many other coins following its trend. . Ethereum [ETH], which has gained over 6% and is on its way to $1,700, has dropped to $1,510.

According to CoinMarketCap, all of this has contributed to the entire crypto market cap falling below $1 trillion. The market tracking platform reveals that the market capitalization is currently $937.08 billion.

Never walk alone

Besides other cryptocurrencies falling sharply with BTC, traders are also feeling the impact. Based on Coinglass data, $124.28 million worth of BTC traders were liquidated in the last 24 hours.

Data also shows that liquidation is not slowing down as nearly $10 million has been liquidated in the previous four hours.

Source: CoinGlass

Despite the danger, it seems that BTC investors are unfazed and have continued to accumulate the coin. Blockchain intelligence firm, Glassnode shows that addresses with 10 BTC or more have increased to 150,515 after the number was 150,363 hours earlier. The same goes for addresses of one BTC and 0.01 BTC.

Source: Glassnode

Hold your positions

However, it may not be the time to assume that the bottom is already in there. This is the opinion of CryptoQuant analyst Maartunn. According to him, the current activity of BTC whales deposited on exchanges is a typical signal of a bear market.

He added that retail investors wouldn't want to take the increasing rate of foreign exchange whales as a sign of an upside move.

Therefore, it may be necessary to “wait” as BTC may not stop collapsing, as discussed earlier.

Source: CryptoQuant

Along with the analyst's view, another Glassnode data shows the current bearish momentum. It is BTC’s seven-day unrealized loss that hit a thirty-day high of 0.439.

Source: Glassnode

With these indices mostly falling, investors may need to widen their expectations for a BTC rally. Also, the fact that the increased volume may not be enough to cover the loss.

 

Sep 07, 2022

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