Tether keeps on churning out new currency since about 50 million USDT tokens entered the market while the downward slide for Bitcoin continues. In the altcoin news today we take a closer look at the analysis.
Bitcoin spent most of the day yesterday in a downward slide and bottomed out at $10,800. From that position, it rapidly rebounded and surged above $11,500 again where the 50-hour moving average stands. Since then, the major cryptocurrency started to fall back again and is currently trading at $10,900.
Bitcoin lows are getting lower but on the monthly overview, Bitcoin is still within its range and is trading sideways. This move was maybe linked to Tether since Tether keeps on churning new currency and now the Whale Alert twitter account reported that mint of 5 billion tokens are sparking a dose of speculation.
The popular crypto trader Alex Kruger noticed the 5 percent increase and noted:
“Quick 5% $BTC pump following fake tether news on top of oversold intraday charts. Actual minted tether was $50 million, not $5 billion.”
The weekly charts indicate that the things could be turning into a bearish mood for bitcoin. There have already been long wicks through resistance but it was never a closure above it. The horizontal support line stays in the $8,000 region so the larger correction could be heading there as well.
Tradingview analysis company issued a report that shows that bitcoin’s 14 percent pullback the market dominance still remains a solid 67.7% at the moment.
About $10 billion was lost from the entire market cap over the past 24 hours which is now at $307 billion. The charts are red this morning as most of the crypto assets are continuing the downslide. Bitcoin SV took the biggest dump today losing over 7% and falling below $150. As noted in the latest cryptocurrency news, most of the altcoins are in meltdown apart from the ICON (ICX) token.
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