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Bitcoin Drags Major Altcoins Into The Bearish Zone

The leading digital asset, Bitcoin, has entered into a new bearish zone, putting paid to speculations that the digital asset will create another all-time high. The recent decline that the digital asset saw early this morning has brought it back to a region traders never hoped it would return to.

As at this time, the digital asset is briefly trading in a region close to the lows it witnessed three weeks ago. Bitcoin is not the only digital asset that has been affected by the bears, as some major altcoins have seen massive falls since the start of the day. Analysts have mentioned that it is the bearish run of Bitcoin that is rubbing off on the other altcoins and digital assets, pushing them to make the decline.

The dip was said to be as a result of the US Treasury regulation

When the Asian crypto market started, the digital asset witnessed a big loss to see its selling price jump from a region around $60,000 to stay close to $52,148. All this happened in 15 minutes as some traders could not react to save their investments while others chose to wait until another bullish run.

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Also, several details have shown that derivatives position that is close to about $4 billion has been relinquished. This update was reported by Messari, a firm that is led by crypto savvy enthusiasts Ryan Watkins. While much has not been attributed to the loss ok the value of the digital asset, others have mentioned that it might be due to the recent update released by the US Treasury.

The rumors, even though unconfirmed, have pointed out that the regulator is planning to charge several banks across the United States for money laundering. Despite that rumored to be kickstarting soon, the US regulator has not officially said anything.

Major altcoins crash massively

Presently, Bitcoin has seen a decline close to 10% in the last 24 hours and is now selling around $55,000. While Bitcoin is in the red waters, Ethereum is doing little or less to move apart from the trading direction of the top asset as it has also seen a loss of around 12% in the last 24 hours, trading at a region around $2,197.

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Other coins that have seen the reds are Litecoin that has seen a loss of about 19% in the last 24 hours to trade at a region close to $261 in the last 24 hours. XRP is trading in the red with the digital asset $1.32, trading at a decline of 20%. Bitcoin Cash and Dogecoin have also seen remarkable losses as the digital assets have lost close to 23% and 13% losses, respectively.

With the loss, Dogecoin is trading at around $0.267 while Bitcoin Cash is trading at a region around $907. Dogecoin and XRP saw massive climbs over last week as the digital assets benefitted from the recent listing of the $COIN by Coinbase. Before now, Bitcoin had touched close to $64,000 in the market after the digital asset eventually broke through the resistance level at $60,000 days before the official listing was announced.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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