New Crash Of $35 Billion Makes BTC Revisit Four Figures

A new crash of $35 billion is in the latest cryptocurrency news, leading the market to a downward trend. The crash shows that Bitcoin lost thousands and was forced to visit the $9,000 regions. The weekend has been a long and painful one for BTC and crypto assets as the markets continue to bleed out – and a whopping $35 billion has been dumped from the total crypto market capitalization, erasing the growth of BTC and altcoins from last week.

In the new crash, Bitcoin slid by 10% but its dominance remained high at over 65%.
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The altcoin news show that a lot of cryptocurrencies are bleeding out. The BTC dominance levels definitely paint a sad picture for altcoins this morning. During the Sunday trading session, BTC could not manage to hold ground above $11,000 and fell back into the tens. However, the major selloff was not there until Bitcoin finally fell back into four figures, trading below $9,900.

The good thing now is that Bitcoin managed to correct a bit and is now above $10,000 and at five figures again. Still, the new crash made the market lose $35 billion which is more than 10% of the entire market cap – overnight.

Since BTC is up by 175 this year, analysts are not that pessimistic about the coin. However, the popular trader and analyst Josh Rager was featured by many best cryptocurrency news sites for his stance in which he says that Bitcoin often makes moves like these and yesterday was no different.

“And there’s the dump right before the daily close. Typical price action for $BTC near important levels is a pump or dump right before or after the daily/weekly close. This certainly sets up the daily and weekly to close bearish. And will likely focus on shorting any rally,” he said in a tweet.

The weekly candle closed heavy and ignited the new crash further. As BTC tested the 50 day moving average which is currently serving as a level of support, all signals are indicating a continuation of this correction. So, Bitcoin visiting the $8,000 region is definitely a possibility – but Rager added that even like this, four figure BTC is a gift.

“Said it once and will say it again, 4 digit Bitcoin is a gift, whether it hits $9ks or even $8ks,” he concluded.

In the coming altcoin news, we can see that the new crash and Bitcoin retreat has hurt the altcoins even more, with some of them losing as much as 20% of their value.