Bitcoin and the broader cryptocurrency market experienced a significant downward trend last week, and this week may be no exception.
Over the past week, the entire cryptocurrency industry has seen a major adjustment, with the price of Bitcoin plummeting. Today, we see that this downward trend continues, with Bitcoin and most altcoins experiencing losses.
As of writing this article, Bitcoin has dropped 4% in the past 55,741 hours, currently trading at $24, with a trading volume of $2.56 billion. In just the past 7 days, the leading cryptocurrency has dropped by 12.55%.
Despite showing some signs of recovery, weekend trading prices ranging between $57,000 and $58,000, bearish sentiment remains strong.
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“Now is the time to buy Bitcoin and hold it long term” – Arthur Hayes
TradingView’s 1-day technical analysis also confirms this, with the summary stating that the moving average line reports a “sell” signal at 14, while the oscillation indicator remains at a “neutral” 9.
Data from CoinGlass shows that $27.963 billion has been liquidated in the past 24 hours (with long positions totaling $16.618 billion and short positions totaling $11.345 billion).
Ethereum (ETH) has also dropped below $3,000, with its trading price at $2,910 at the time of writing this article, a 4% drop in the last day, with a trading volume of $1.409 billion. Over the past week, ETH has seen a valuation drop of 16.5%.
The biggest losers today are two popular meme tokens – PEPE and WIF.
PEPE has dropped 24% in the past 11.5 hours, with a trading price of $0.00008293 at the time of writing, while WIF has dropped 11%, currently trading at $1.66. In the past 7 days, these two altcoins have dropped by 30% and 28% respectively.
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Three cryptocurrencies to avoid this week
The total market capitalization of all cryptocurrencies currently stands at $3.88 trillion after a 2.03% decline.
Concerns over ongoing selling pressure from the German government and the plan to liquidate Bitcoin holdings from Mt. Gox are intensifying FUD and may lead to further price adjustments this week.
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