The Crypto is under intense selling pressure amid the recent sell-offs in the cryptoverse, as the fast ever-changing Crypto market lost over $200 billion in value within a few hours.
The flagship crypto was down by more than 5,000 dollars pulling back below $60,000.
At the time of writing this report, the global crypto market value was put at $2.03 trillion, a 10.42% plunge for the day.
The crypto market has shed much of its stellar gains earlier recorded, as significant selling pressure from crypto investors pushed the value of cryptos lower across the market spectrum amid profit-taking.
Other Crypto assets like XRP, Bitcoin Cash EOS, lost as much as 20% within a twinkle of the eyes.
Market pundits argue that a likely factor for such intense drop was the relatively high funding rates for taking long positions on Bitcoin alongside a strong dark cloud built around the $64,000-$65,000 price level.
Adding credence to such bias is Cantering Clark, a popular crypto strategist, who added that recent data points to the market cooling off arbitrarily.
“50k and 80k strikes highest contract/notional for $BTC I think these writers will be happy and I am still in the same opinion that the end of April – May begins the shift that makes Bitcoin a less favourable long. No breakout, just range and rotation.”
50k and 80k strikes highest contract/notional for $BTC
I think these writers will be happy and I am still in the same opinion that the end of April – May begins the shift that makes Bitcoin a less favorable long.
No breakout, just range and rotation. pic.twitter.com/zWXurtIr2q
— Cantering Clark (@CanteringClark) April 17, 2021
Crypto pundits anonymously interviewed by Nairametrics are saying that a market correction was long overdue after the sudden bullish move.
The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, on the account that Bitcoin’s realized profits are at record highs.