Cryptocurrency traders are going through another shaky trading period with the market is drifting towards a tricky territory which may open up new lows, pushing bitcoin below the US $40,000 psychological level as the market sentiment seems to be flashing toward further drops.
Altcoins would suffer similar percentage-point declines as they have done so far.
The persistent downtrend, subdued market activity, falling transaction numbers, and risk aversion on the back of negative events over the past couple of weeks have so far failed to ruffle the feathers of the majority of retail cryptocurrency holders clinging to their precious digital coins although institutional investors are increasing staying away.
No matter how much you try to brush aside China’s ban on crypto trading, this is a significant risk event.
Every single time China makes news about cryptocurrencies, the entire market plunges.
This is not without a reason. China is one of the biggest participators in the cryptocurrency market by both the number of traders and volume of trading but also is one of the most regulating countries in the world.
In addition, Chinese traders and investors has significant control in mining and staking activities due to low-cost electricity and local availability of huge amounts of money as the government has restriction on the money outflow from the country.
Holding well above US $40,000 mark so far, this level is widely seen as the steepest cliff edge for Bitcoin, if fell, would likely drop to the US $34,000 level, which was previous stronghold for weeks. This can pave the sloppy way to US $27,000.
Bitcoin is trading at US $41,390 at the moment while the second largest digital token ether is down 5% to US $2,760.
Among Top 10 big caps, ChainLinkToken (LINK) is the relatively good performer today up 0.7% in 24 hours.
At press time, Top 10 variable-price crypto coins by market cap:
|Binance Coin (BNB)||$325||-7.7%||$54.6B|
|FTX Token (FTT)||$51.4||-1.6%||$16.6B|
Meanwhile, some currencies have shown much extraordinary performance in terms of their volatility during this period.
Out of the relatively known digital coins, here are Top 10 cryptos that are doing better than the market over the day:
|Ontology gas (ONG)||$0.7||6.9%||$0.19B|
At press time, here are 10 crypto coins far underperforming the market average: