The new week, which started on September 21, brought a downward wind for crypto money prices. With Bitcoin, which has dropped by about 3% in the last 24 hours, altcoins have also turned red.
$ 11K Dam and Good Dollar Didn’t Work for Bitcoin
For Bitcoin, as if it has caught an upward trend in the last week, the nightmare of $ 11,000 is back. The $ 11,000 threshold, which is shown as an important resistance zone by most experts, is still insurmountable for Bitcoin. Bitcoin price, which saw a serious selling pressure at $ 11,000, started to melt the rise it recorded in the last week. Bitcoin, which is currently being traded in the $ 10,500 band, has declined more than 3% in the last 24 hours.
Strong resistance at $ 11K is not the only reason behind this withdrawal. According to experts, the US dollar index DXY’s starting to rise again created a negative atmosphere for Bitcoin. Bitcoin price recorded its lowest value in the last 1 week. The inverse correlation of the BTC / USC pair showed itself once again with the decline of Bitcoin in this scenario.
BTC Affected by Stocks Drops in Europe and USA
Another threat to Bitcoin is the decline in European and US stocks. Bitcoin price also experienced a retreat, with stock indices dropping by about 3% in Germany, France and the UK, and about 2% in U.S. stock futures. Bitcoin and stock markets, which started to act more harmoniously with the pandemic, once again confirmed this theory.
The reason for the decline in stocks in Europe is explained by market experts as investors, who are caught in a new coronavirus panic with the increasing number of cases, sell their shares, fearing to lose.
Altcoins Also Received Their Hops From The Fall
With the decline of Bitcoin, almost all altcoin charts were painted red. In the top 20 list in Coingecko, ranked by market value, there is only one altcoin that managed to maintain the green color: Monero (XMR). In the first 5, the losses experienced in the last 24 hours seem to be serious. This overall decline also seems to have affected DeFi tokens, which have spent the past week running record-to-record. Within the last 24 hours; Yearn.finance fell 18.8%, Uniswap 17.2% and Compound dropped 15.8%.
Important altcoin prices and losses in the last 24 hours:
- Ethereum (ETH): $ 344 – 7.7% loss
- Ripple (XRP): $ 0.23 – 4.3% loss
- Bitcoin Cash (BCH): $ 214 – 5.4% loss
- Polkadot (DOT): $ 4.13 – 4.5% loss of 1
- Binance Coin (BNB): $ 23.63 – 11.6% loss
- Chianlink (LINK): $ 8.76 – 13.7% loss