The overall cryptocurrency market struggled with lows over the last 24 hours.
Most top coins slumped today, with BTC, ETH, and DOGE losing nearly 10% amid low volatility and extended consolidation. At the moment, bears and bulls continue with their fight for market dominance.
The cryptocurrency industry reflected the weaknesses in the conventional markets. Remember, reputable global equity indices trade in the red territory amid the US’s growth concerns due to increased COVID cases fear because of the delta variant.
Meanwhile, Kraken Intelligence reports that BTC and S&P 500 correlation hit a 3-year low last month. Market experts note that the increased crypto adoption by institutions since last year has made digital coins vulnerable to traditional market changes.
Bitcoin has hovered in the range from $30,000 to $42,000 since the last two months as market sentiment remains calm due to the attack by environmentalists and China regulators.
On Thursday, the leading crypto, BTC, slumped beneath the vital $33,000 support level once more, indicating further plummets towards the $30,000 mark. Remember, BTC trades 50% low from its highest prices. The coin lost over 6% since yesterday, trading at $32,682, according to CoinGecko.com.
Meanwhile, ether, the second-largest coin, lost 8% to trade at $2,183 on Thursday. Dogecoin declined by up to 10% over the recent sessions.
The market sentiment took another hit after Bitfinex exchange shorts uptick 160%. The recent fluctuations followed a sudden selling pressure. That was due to some support by an identified whale that tried to shorten by more than 5,000 BTC.
Amid bearish attitudes by worldwide regulators, The EU proposes an agency to clamp down on transparency cryptocurrency rules and money laundering activities. Also, China warned about the financial risks related to stablecoins.
Stablecoins are digital currencies pegged to underlying assets like gold or the United States dollar. With that, they are stable than cryptocurrencies.
For now, the crypto market receives pressure from various angles. The negativity in the cryptocurrency market has seen most top coins losing value today.
What are your thoughts concerning the crypto market at the moment? You can use the comment section below for your views.