The crypto market is seeing widespread losses today, with major cryptocurrencies like Bitcoin and Ethereum dropping to their lowest levels so far this month. Bitcoin has fallen below the key support level of $27,500, while Ethereum has dipped under $1,600. This bearish price action is weighing down the overall crypto market.
One factor contributing to today’s decline is selling pressure from Ethereum whales. According to on-chain data, the Ethereum Foundation has been swapping large amounts of ETH for stablecoins like USDC. Just a few hours ago, they exchanged 1,700 ETH worth over $2.7 million. This marks their largest swap of 2023 so far. Overall, the foundation has sold over 2,200 ETH this year, often ahead of market dips.
Influential crypto figures are also painting a gloomy picture for the market. Dr. Profit said on Twitter that the bull market is likely far away, even for those who bought Bitcoin between $16,000-$18,000. His commentary indicates insiders see further declines ahead.
RIP for all that called for bull market— Doctor Profit 🇨🇭 (@DrProfitCrypto) October 9, 2023
Even if you bought with me between $16.000 – $18.000 for the absolute long term, you should stay realistically and admit that bull market is far away
Having a very green portfolio doesn’t bring us automatically in a bull market
Beyond the major blue chips, altcoins are bleeding out. XRP, DOGE, and SOL have dropped around 4% each and now trade below key support levels of $0.50, $0.06, and $23 respectively. Their technical breakdowns signal an extension of the ongoing altcoin capitulation.
Global macro uncertainty may also be weighing on crypto sentiment. The escalating conflict between Israel and Palestine has raised concerns of broader geopolitical instability. Investors tend to reduce risk assets like cryptocurrencies during times of uncertainty.
In summary, a confluence of negative factors has driven the crypto market decline today. Bearish technical patterns, whale selling, grim sentiment, altcoin capitulation, and global tensions have all piled on selling pressure. Crypto investors should brace for further volatility in the days ahead.
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