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Bitcoin Crashes Toward $30,000 As Ethereum, Binance’s BNB, Cardano, Ripple’s XRP And Dogecoin Lead Another Crypto Price Plummet

Bitcoin Crashes Toward $30,000 As Ethereum, Binance’s BNB, Cardano, Ripple’s XRP And Dogecoin Lead Another Crypto Price Plummet
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Bitcoin and cryptocurrency prices fell after seeing some recovery earlier this week.

Bitcoin price rebounded to over $40k per bitcoin after a sharp sell-off last weekend, however, the rally failed to hold in the wake of recent monthly bitcoin options expiration.

The bitcoin price dropped to $35,000, causing a 10% drop in the value of bitcoin over the past 24 hours, affecting the broader cryptocurrency market, with other top ten hits such as Ethereum, Cardano, Binance’s BNB, and Ripple’s XRP. , and dogecoin are all double- percentage numbers going down.

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“After the recent market volatility this month, daily traders [were] Watch expiration closely, but really over the long term [bitcoin and crypto holders] Grant Whitlock, head of trading at UK-based digital asset broker Global Block, said via email, adding that long-term investors “may see this as a potential pullback buy.” opportunity.”

Bitcoin and cryptocurrency exchanges around the world settled nearly 60,000 trading contracts worth $2.2 billion in the early hours of Friday morning, according to Skew’s bitcoin trading data.

While this month’s expiration is the smallest of 2021 in nominal terms, some bitcoin and cryptocurrency market watchers believe that monthly options expiration could exacerbate trends affecting the market.

“As we have seen historically, there is a tendency for increased trading activity in the days leading up to the expiration of bitcoin, with trends characterized by volatility and momentum,” Steve Ehrlich, CEO of US crypto-asset broker Voyager Digital said in comments via email.

“Usually, if there is a specific trend in bitcoin, then that trend is amplified by expiration date pressure, as momentum increases towards bullish or bearish price action.”

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The combined bitcoin and cryptocurrency market has fallen by $1 trillion from an all-time high of more than $2.5 trillion set in mid-May, as confidence appears to be leaking from the market as a regulatory crackdown in China and Tesla billionaire affects Elon Musk’s volatile stance. Towards Bitcoin on price.

“The move lower today again is a reminder that the crypto market has taken control of it by selling to the upside since last month,” Alex Kuptsikevich, chief financial analyst at FxPro, says via email.

“Since the middle of last week, we can clearly see an intensification of selling as we approach $40,000. In addition, options expiration and the upcoming weekend, a reminder of the failure a week ago, are adding to the buyers’ nervousness. Overall, the situation so far reminds us of 2014 and 2018: After the strong collapse of historical peaks, there were attempts to boost growth, but they failed. The muscular memory of investors is now forcing them to sell at a high price.”

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