why are Bitcoin and top altcoins tanking?
The post why are Bitcoin and top altcoins tanking? appeared on BitcoinEthereumNews.com.
The recent crypto crash resumed today, Dec. 13, with Bitcoin and most altcoins being in the red and the market capitalization falling by over 2% in the last 24 hours. Summary The crypto market is crashing today as a risk-off sentiment prevails. Bitcoin has also formed numerous risky patterns on the daily chart. The futures open interest and volume dropped in the last 24 hours. Bitcoin (BTC) price dropped from this week’s high of $94,000 to $90,000. Some of the top laggards in the crypto market were tokens like The Graph, Story, Algorand, and Ethena, which fell by over 5%. Crypto crash today coincides with stock market weakness The ongoing crypto crash happened as investors embraced a risk-on sentiment in the market. For example, American equities continued their recent slump amid AI jitters following the mixed earnings reports by companies like Broadcom and Oracle. The tech-heavy Nasdaq 100 Index dropped by 500 points, while the S&P 500 and Dow Jones fell by 70 and 210 points, respectively. Also, the closely-watched VIX Index rose by over 2.7% to $16.70, while bond yields jumped. The ten-year yield rose to 4.20%, while the 22-year spiked to 3.53% even after the Federal Reserve slashed rates by 0.25%. Therefore, the crypto market crash is happening as investors move away from risky assets. Bitcoin price risky patterns are sending jitters Meanwhile, the Bitcoin price has formed a series of risky patterns that are sending jitters in the market. The chart above shows that the coin formed the risky death cross pattern in November this year. This pattern formed as the 50-day and 200-day moving averages crossed each other and is one of the most common bearish signs in technical analysis. Bitcoin also remains below the Supertrend and all moving averages. It has also formed a bearish…
