After seeing a mixed price action during trading sessions, seven cryptocurrencies, out of its top 10 managed to trade positive late at European market hours, from the three digital coins suffering decline, seeing Bitcoin being one of them.
News of profit warning from Chip-making giant Nvidia and fears of a possible hack due to the Canadian crypto exchange QuadrigaCX exchange going offline and added worries to investors, resulting in major crypto’s making a bearish dive during Asian market hours.
The markets are yet to recover from news of New Zealand’s crypto exchange cryptopia who lost several million dollars worth of digital coins, QuadrigaCX exchange went down with its website for several hours in the name of maintenance and ended adding more to investor’s worries.
Bearish factors kept piling up in the market one after another, concerning traders about bitcoin, which seems to be entering on another sharp bearish nose dive, something similar to what happened in the second half of 2018, where all major assets lose their worth by several billion dollars.
On Asian market hours, Bitcoin fell below the $3400 mark, hitting an intra-day low of 3369.19, and even with the price recovering back above $3400 level, the situation right now seems to be where supply at $3400 handle will be very less, but with enough push, the support level could see an irreversible breach, pushing the pair back near 2018 lows at $3100 price levels.
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