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Cryptocurrency market volatility has struck again, sending Bitcoin and altcoins into a downward spiral. At the beginning of the day, there were warnings about the fall of cryptocurrencies, which again fell into the red. Total market capitalization lost billions in a matter of hours and the entire sector is facing increasing selling pressure. In this context, Bitcoin and the SUI token seem to be at the fore.
The crypto market is collapsing in the face of selling pressure
The awakening of China’s economic dragon has not been without its impact on Bitcoin and other crypto-assets of the same kind. Because he saw the crypto market in 24 hours its total capitalization fell by $10 billionand fell below the $2.20 trillion mark. Attempts to correct are unsuccessful and the selling pressure continues to increase.
If the situation persists, the marketcap could flirt $2.08 trillionor even the head dangerously towards 1.91 trillion.
- $10 billion loss;
- Current market value: 2.17 trillion;
- Critical Limit: 1.91 trillion.
THE crypto SUIfor example accuses loss 7%on top of altcoins battered by this wave of massive selling.
Michaël van de Poppe, a cryptoanalyst, shares an optimistic view despite the current storm: “ Declines represent buying opportunities before the next all-time high “.
Bitcoin Is Sinking, But Buy Signals Are Emerging
Bitcoin, for its part, is not spared from this new shock. WITH down 2.7% and priced at $63,900 at the time of writing, BTC is feeling the full force of an accelerated selloff.
In parallel, the volume of Bitcoin trades increased by 2%.indicating further losses.
Analyst van de Poppe emphasizes an interesting opportunity around the $60.5-$61.3 thousand markwhere investors may have sought to replenish their portfolios earlier possible recovery.
BTC, like the entire crypto market, is a work in progress test critical support levels which will determine the course of events.
Bitcoin and altcoins suddenly collapsed today, with observers keeping their eyes peeled for critical thresholds that could redefine the future of the crypto market.
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The blockchain and crypto revolution is in full swing! And on the day the effects are felt by the most vulnerable economy in this world, I will say against all hope that I had something to do with it
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.