Crypto Markets Continue The Drop: BTC Below $8,200, Alts Following

A major sell-off occurred earlier today, resulting in a lot of pain for cryptocurrency traders this morning. As the crypto markets continue their drop, Bitcoin (BTC) is now at a new price level below $8,200.

At the time of writing, it seems like all of the top 20 cryptocurrencies are in the red and seeing significant losses.
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The altcoin news show that Tezos (XTZ) which is the 17th largest altcoin by market cap is resisting this bearish movement and is still up by 1% over the past 24 hours despite the massive sell-off occurring on the market.

As we can see from the charts, Bitcoin failed to reclaim $8,500 earlier today which caused its price to continue dropping. As the crypto markets continue the drop, BTC managed to visit lows of $8,104 per coin earlier on the day.

At press time, Bitcoin (BTC) is trading at around $8,160. The latest Bitcoin news indicate that there has been a decline which is south of 5% as the major cryptocurrency is flat over the past 30 days.

The fresh decline in the market is considered by some analysts as one that could expose Bitcoin to a potential return to $7,400 as we reported today. In contrast to this, other analysts suggested that Bitcoin’s recent trading into a falling wedge is typically a bullish pattern which has a success rate to break to the upside in around 68% of the cases.

Ethereum is losing 4% on the day, Ripple’s XRP token is down by ore than 5%, Bitcoin Cash has lost ground and keeps falling with 8.31% minus so far, and EOS is in similar pains with a 7.53% drop. The Bitcoin Cash news today now seem to pinpoint BCH as the biggest loser of all in the altcoin markets.

Last week, the CEO and co-founder of Distributed Lab made waves in the industry when he claimed that the Bitcoin price could “crash to zero” in the event of mass adoption by institutions.

The total market capitalization right now amounts to $225 billion and keeps dropping. While industry experts hoped for another bullish run this week, the Tuesday proves painful. The only optimists in the space are the renowned bull Tom Lee who recently reaffirmed his prediction about BTC hitting $25,000 by 2022.