Bitcoin, Ethereum Prices Plunge; Crypto-Market Slumps
- Heavy selling pressure across the board has left the crypto-currency market reeling.
- Total market valuation has dropped by 40% in two weeks.
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A badweek for Bitcoin bulls just got even worse as continued selling in all time zones sent prices spinning lower. After a week of bad news, culminating in one of the largest Chinese exchange’s, BTC China announcing that it would close for business on September 30, prices continued to push lower, trying to find pockets of support. BTC fell through the 50% Fibonacci retracement level at $3407 and is currently eyeing the 61.8% retracement level at $3043.
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Chart: Bitcoin (BTC) Price Daily Timeframe (April 15 – September 15, 2017)
Ethereum fared little better in the sell-off and has now lost nearly 50% of its value in the last two weeks. Potential support may kick-in around S200, where the 23.6% retracement level crosses the upward trend line from July 16.
Chart: Ether (ETH) Price Daily Timeframe (April 15 – September 15, 2017)
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Losses were seen across the board during the latest sell-off with the total market capitalization now 40% lower than at the start of the month – from $177 billion to $106 billion – with some of the recent performers, including Litecoin (LTC) registering a 24-hour loss in excess of 30%.
Market Moves/Top 8 Capitalizations – September 15, 2017
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--- Written by Nick Cawley, Analyst.
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.