Yesterday evening, cryptocurrencies fell sharply in less than 30 minutes, just at 16:00 UTC, as if it were programmed. It began with altcoins, and then, Bitcoin followed. Bitcoin fell 7.4%, Ripple is 6% down, and Ethereum and Litecoin over 10%. Market capitalisation is currently $249.575 billion, and Bitcoin dominance grew to 69.1%
Below, the heat map of the crypto and blockchain sector shows the extent of the 24H drop.
What is happening
Telegram’s GRAM will be available by October 31 to a select group of investors, and it will be available to the 300 million Telegram users shortly after, as reported by the New York Times and btcmanager.com.
One million USDC minted as another Wahle enters the crypto market.
💵 1,010,735 #USDC (1,005,031 USD) minted at USDC Treasury
— Whale Alert (@whale_alert) August 28, 2019
More can be read in this beincrypto.com article.
Bitcoin Futures might have triggered the massive drop in the cryptocurrencies sector. The expiration of 50% of the bitcoin futures contracts will happen at the end of next Friday’s session. The settlement of the contracts together with a lack of volume due to August holidays might have been the cause of the heavy drop that happened on Wednesday just at 4:00 pm UTC.
Yesterday evening, the Bitcoin price fell after a substantial drop in altcoins minutes before. This drop occurred at 4.00 UTC, and in less than 30 minutes it descended $500.
Currently, the price is in an area of previous bottoms made in July. The green area in the chart above outlines a supply area which would trigger upside bounces to test the $10K again.
Technical indicators are bearish on the 4H chart and also in the daily timeframe.
Ripple plunged more than 8% yesterday to 0.246, and then it bounced. The descending trend resumes. Its next support level is 0.246 and next 0.234.
Its closest resistance is 0.258. The price appears headed to test 0.246 again.
The daily chart of Ethereum seems to indicate a continuation of the drop to test the $152 support. MACD and Stochastics are bearish. We see that the bullish trendline (black) has been crossed, tested and rejected. The only good news for bulls is that the price seems to draw a descending pennant, which has bullish connotations.
Litecoin broke a support line (purple) which looks like the neckline of a large head and shoulders configuration. Litecoin’s next objective seems to be the $61 support which is April’s 02 open price of a large bullish candle that triggered its long ascending journey towards its top of $146.9 made on June 22.