Has the ‘crypto winter’ arrived? Bitcoin slides back to $60,000, Ether under pressure.

A cryptocurrency selloff pushed bitcoin and Ether to levels not seen in more than a week on Tuesday, with some pointing to comments from a Twitter executive who ruled out cryptocurrency investments.

That’s as one analyst questioned whether the bull market was set for a pause.

The price of bitcoin BTCUSD, -7.34% fell 10% to $59,289 and Ether  ETHUSD, -8.73% on the Ethereum blockchain dropped 11% to $4,162. Similar losses were seen across the sector.

A choppy rally that started in early November saw bitcoin reach a high of $68,990 and sent Ether to an all-time high of $4,865.57.

CoinDesk reported that crypto selling began in Asia after investors got wind of comments by Twitter’s TWTR, +1.34% Chief Financial Officer Ned Segal, who said it “didn’t make sense” for the microblogging site to invest corporate cash in crypto assets right now.

“We [would] have to change our investment policy and choose to own assets that are more volatile,” Segal said in a Monday interview with The Wall Street Journal. He said the company prefers securities, which are less volatile.

That’s as one analyst said a big technical level was currently in play for the assets.

Naeem Aslam, chief market analyst at AvaTrade, said price slippage could be a hint that bulls are losing power. He said investors should watch for whether bitcoin breaks below its 50-day simple moving average (SMA) of $58,000, a potential support for prices. Should prices stay above that level, it could see a substantial rally, he said.

Here’s his 50-day SMA chart:

im 435727?width=700&height=517


The “biggest fear among crypto traders is whether the crypto winter is here,” said Aslam, referring to a long period of weakness for cryptocurrencies that occurred after highs reached in 2017.

“No one wants to see another crypto winter as it is difficult to forget the dire consequences of the previous one. Moreover, what traders have been hoping for is a strong rally especially given the fact that during this time of the year, we usually see a strong rally for cryptos — of course, with the exception of the crypto winter,” he said in a note to clients.

Aslam added that cryptos tend to rally more than 80% during this time of year, offering up this monthly chart:

im 435726?width=700&height=525


Source: Has the ‘crypto winter’ arrived? Bitcoin slides back to $60,000, Ether under pressure.

*This is a free press release. Upgraded press releases are ad-free!

Apple Global Battery Development Chief Moves to Volkswagen

A woman walks past an Apple logo in front of an Apple store in Saint-Herblain near Nantes, France, on Sept. 16, 2021. (Stephane Mahe/Reuters) SAN FRANCISCO—Apple’s global battery development chief, Ahn Soonho, has moved to Volkswagen to lead the automaker’s development of electric vehicle batteries, according to his Linkedin profile. This is the second time…

Read Press Release

How Much of All Money Is in Bitcoin?

After its launch in 2009, Bitcoin ushered in a new era of blockchain technology and digital currencies. Given all the talk about Bitcoin, you’d think it would be everywhere. Is that really true? How much is Bitcoin worth? Perhaps more importantly, how much of the world’s money is in bitcoins? With the price of BTC…

Read Press Release

Has the ‘crypto winter’ arrived? Bitcoin slides back to $60,000, Ether under pressure. - Click To Share

Share on facebook
Share on twitter
Share on reddit
Share on linkedin
Share on email
Share on whatsapp