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Bitcoin and many other crypto networks suffered a massive sell off in the just concluded week. Statistics showed that the general crypto market has lost about 10% of its volume and also about $250 billion worth of investors’ assets have been lost.
Bitcoin May Dip Massively In The Coming Weeks
The price charts for Bitcoin shows that the first ever cryptocurrency closes under the 33,500 dollar mark in the just concluded week. A BTC investor and crypto analyst took to his page on the Twitter social media platform to comment that Bitcoin may face more sell off in the coming weeks as it currently falls off its 100 day moving average.
He continued that from the statistics he could gather, a similar sell off occurred in 2014 and 2018 but they later lead to a massive pump in which the weekly moving average rose to 200. However, he said the same thing may not happen this time around as the continuous sell could lead to a massive dip ever witnessed in the crypto space.
A local source of On-chain data revealed that crypto investors have begun to panic and worry over the crypto market’s massive downtrend. It continued that investors’ sentiment fell significantly as Bitcoin price dropped below 33.9k dollars. The spokesman considered this as a good omen, claiming that many weak investors have to leave the scene in order to boost a massive bounce back in BTC price.
Bitcoin Affects Altcoins As They Also Experiences Massive Sell-Off
Bitcoin is a huge cryptocurrency that has a large influence on other crypto assets. Consequently, as Bitcoin is dropping in price, many other coins are following suit, including Ethereum, the second biggest coin.
Ethereum is currently trading below the $2,500 mark as it seems to be heading for the $2,200 mark which was the lowest it has reached this year.
Terra suffered a major price correction due to massive sell offs as investors continue to swap its native token, LUNA, for its stablecoin, UST in the previous week. Analysts are concerned as the price of the stablecoin dropped below the $1 level due to the massive sell offs.
According to crypto statistics, LUNA significantly increased in supply by 957,201 skyrocketing the total market volume to about 91.357 million in just a day. This is the second time after April 8 occurrence that LUNA’s circulating volume would rise astronomically. Reports showed that the Terra network is currently taking appropriate measures to keep the UST under control.
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