The Future Coin

Bitcoin

$49,165.73

BTC -4.89%

Ethereum

$1,555.92

ETH -3.24%

XRP

$0.45

XRP -2.68%

Litecoin

$184.25

LTC -4.20%

EOS

$3.77

EOS -4.99%

  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases
No Result
View All Result
The Future Coin
No Result
View All Result
Home Market Analysis

Bitcoin battles for support at $50,000

by The Future Coin
February 23, 2021
in Market Analysis
0
Bitcoin battles for support at $50,000
152
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

SINGAPORE (Reuters) – Bitcoin dropped below $50,000 on Tuesday, as investors began to get a little nervous about the digital currency’s lofty valuation and some leveraged players took profit.

The cryptocurrency dropped more than 10%, its largest daily drop in a month, to hit $48,575. That extends a sharp withdrawal of more than 16% from a record high hit on Sunday, although bitcoin remains up around 75% for the year.

The drop came despite broad U.S. dollar weakness. [FRX/]

“The market’s rallied almost unimpeded since the beginning of the month and to some degree since the beginning of the year,” said James Quinn, managing director at digital asset platform Q9 Capital in Hong Kong.

“Seeing some selling at all is perfectly healthy and normal,” he said, though adding that some $1.5 billion in liquidation of leveraged positions on crypto exchange Binance was large and suggested retail investors might be selling.

The cryptocurrency market has been running hot this year as big money managers begin to take the asset class seriously and have made large purchases that have driven even more confidence among small-time speculators.

A $1.5 billion investment in the crytocurrency by electric carmaker Tesla this month has helped vault bitcoin above $50,000 but may now lead to pressure on the company’s stock price as it has become sensitive to movements in bitcoin.

U.S. Treasury Secretary Janet Yellen, who has flagged the need to regulate cryptocurrencies more closely also said on Monday that bitcoin is extremely inefficient at conducting transactions and is a highly speculative asset.

Ether, a coin linked to the ethereum blockchain, which often moves in tandem with bitcoin also dropped more than 10% and last bought $1,613, down about 20% from last week’s record peak. Bitcoin bought $49,846 at 0605 GMT.

“They have had a spectacular run and the sharp reversal overnight is really not unexpected,” said Michael McCarthy, chief strategist at brokerage CMC Markets in Sydney.

“But because we’re so lacking in fundamentals, it’s the big figures that have proved to be support and resistance points – so $50,000, $40,000 and $30,000 are the key chart levels at the moment. If we see it heading through $50,000, selling could accelerate.”

(Reporting by Tom Westbrook; Editing by Jacqueline Wong)

Source link

EDITOR’S CHOICE

Global Crypto Investment Fund FD7 Ventures to Sell $750M USD Worth of Bitcoin to Increase Cardano and Polkadot Holdings

Coinbase Files for Direct Public Listing With SEC – Cryptocurrency Regulation

Tanla to take Blockchain platform Trubloq abroad

From mail-in ballots to business as usual, Vermont municipalities prepare for Town Meeting

CI files prospectus for Ethereum ETF – Advisor.ca

Crypto bull run on track amid surge in US inflation expectations

Best Pick For You

News

  • Altcoin News
  • Bitcoin News
  • Blockchain News
  • Business News
  • Ethereum News
  • Litecoin News
  • Ripple News

Features

  • Market Analysis
  • Opinion
  • Explained
  • Policy & Regulations
  • Top Cryptocurrencies
  • Technology News

Market Tools

  • Market News
  • Price Indexes
  • Bitcoin Price Index
  • Ethereum Price Index
  • Bitcoin Cash Price Index
  • Litecoin Price Index
  • Monero Price Index
  • HeatmapPartner

Cryptopedia

  • Explained
  • Bitcoin101
  • Bitcoin Cash101
  • Ethereum101
  • ICO101
  • Ripple101

© 2020 Coingraph

No Result
View All Result
  • News
    • Bitcoin News
    • Ethereum News
    • Ripple News
    • Litecoin News
    • Altcoin News
    • Blockchain News
    • Business News
    • Technology News
    • Policy & Regulations
  • Markets
    • Market News
    • Market Analysis
    • Price Indexes
    • Top Cryptocurrencies
    • Heatmap
  • Opinion
  • Cryptopedia
    • Explained
    • Bitcoin101
    • Ethereum101
    • Bitcoin Cash101
    • ICO101
    • Ripple101
  • Press Releases

© 2020 Coingraph

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
bitcoin
Bitcoin (BTC) $ 49,385.00
ethereum
Ethereum (ETH) $ 1,561.97
cardano
Cardano (ADA) $ 1.18
binance-coin
Binance Coin (BNB) $ 239.65
tether
Tether (USDT) $ 1.00
polkadot
Polkadot (DOT) $ 36.28
xrp
XRP (XRP) $ 0.451952
litecoin
Litecoin (LTC) $ 186.34
chainlink
Chainlink (LINK) $ 29.10
bitcoin-cash
Bitcoin Cash (BCH) $ 517.13
stellar
Stellar (XLM) $ 0.415371
usd-coin
USD Coin (USDC) $ 1.00
uniswap
Uniswap (UNI) $ 27.97
nem
NEM (XEM) $ 0.739649
dogecoin
Dogecoin (DOGE) $ 0.050343
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 49,465.00
cosmos
Cosmos (ATOM) $ 20.67
aave
Aave (AAVE) $ 389.61
okb
OKB (OKB) $ 17.77
theta-token
Theta Network (THETA) $ 4.26
monero
Monero (XMR) $ 212.98
crypto-com-chain
Crypto.com Coin (CRO) $ 0.153017
tron
TRON (TRX) $ 0.050670
eos
EOS (EOS) $ 3.79
solana
Solana (SOL) $ 13.50
bitcoin-sv
Bitcoin SV (BSV) $ 185.67
havven
Synthetix Network Token (SNX) $ 22.80
iota
IOTA (MIOTA) $ 1.20
vechain
VeChain (VET) $ 0.050926
huobi-token
Huobi Token (HT) $ 16.51
terra-luna
Terra (LUNA) $ 7.41
tezos
Tezos (XTZ) $ 3.81
binance-usd
Binance USD (BUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 30.90
neo
NEO (NEO) $ 38.73
elrond-erd-2
Elrond (EGLD) $ 152.40
dai
Dai (DAI) $ 1.00
cdai
cDAI (CDAI) $ 0.021223
filecoin
Filecoin (FIL) $ 41.46
the-graph
The Graph (GRT) $ 1.91
sushi
Sushi (SUSHI) $ 17.61
kusama
Kusama (KSM) $ 247.08
dash
Dash (DASH) $ 217.93
avalanche-2
Avalanche (AVAX) $ 27.07
compound-governance-token
Compound (COMP) $ 478.54
compound-usd-coin
cUSDC (CUSDC) $ 0.021715
compound-ether
cETH (CETH) $ 31.32
maker
Maker (MKR) $ 2,144.95
decred
Decred (DCR) $ 147.81
leo-token
LEO Token (LEO) $ 1.92