- Major cryptocurrencies are under heavy selling pressure on Saturday.
- Bitcoin drops below critical $10,000 handle, Ripple and Ethereum fall nearly 5%.
- More than $10 billion is erased from total market cap of all cryptos.
Major cryptocurrencies lost their traction on Saturday after a new selling wave hit the market. Although the lack of an obvious catalyst confused market participants, the broad-based selloff points out to a shift in the sentiment surrounding cryptocurrencies. Reports of the Internal Revenue Services sending out letters to more than 10,000 cryptocurrency holders in the US for failing to report income on crypto investments seem to be hurting the sentiment as well. With today's drop, the total market cap of all cryptocurrencies fell to $263 billion from $277 billion.
Top-3 coins price overview
After spending the first half of the day moving sideways a little above the $10000 mark, Bitcoin (BTC/USD) lost more than $600 in a matter of minutes and touched its lowest level in ten days at $9410. As of writing, the pair was down 3.8% on the day at $9475. The next critical support for Bitcoin aligns at $9000 (psychological level/Jul. 17 low). On the flip side, the pair could push higher if it makes a daily close above $10000.
Ethereum (ETH/USD) was last seen trading at $206, losing more than 6% on a daily basis and remaining on track to close the third straight week in the negative territory. $200 (psychological level) and $190 (Jul. 16 low) align as next technical supports for the ETH/USD pair. Resistance could be seen at $225 (daily high) and $240 (20-DMA).
Ripple (XRP/USD) erased all of Friday's gains and is now down a little more than 5% on Saturday, trading at $0.3065. The fact that the pair failed to break above the 20-DMA at $0.3285 yesterday suggests that buyers are struggling to take control of the pair's price action. With a break below $0.3000, the pair could target $0.2825 (Jul. 16 low) on the downside. On the upside, $0.3285 (daily high/20-DMA) is the initial resistance ahead of $0.3400 (Jul. 20 high).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?