On Tuesday - Bitcoin extended losses, falling to the lowest level since August after a global selloff in riskier assets took the global value of the cryptocurrency market back below $2 trillion.
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The largest digital coin fell as much as 7.6% to $40,237 before paring some of the decline. Second largest company Ether trading below $3000, while Cardano, Solana, Polkadot and Dogecoin also fell according to the tracker CoinGecko. All traded off their lows for the day.
At China Evergrande Group, the most indebted developer, virtual currencies were roiled amid fears of contagion from the liquidity crisis. A global stock retreat abated on Tuesday in Asia, although Evergrande s woes and the looming Federal Reserve meeting remain possible triggers of volatility.
Bitcoin and Ether are getting caught up in the risk-off momentum that has been gaining since late last week, said Adam Reynolds, chief executive of Asia-Pacific at Saxo Capital Markets Pte. He expects more liquidation to come. How much cryptocurrency is liquidated in the past 24 hours according to Bybt.com data . These occur when leveraged positions are closed by exchanges for failing to meet margin requirements.
From a technical standpoint based on Bitcoin price charts, the token traced a hammer pattern right above the lower border of a so-called Ichimoku cloud. Fairlead Strategies, founder of Katie Stockton, added the same level in a note as a potential support, while flagging Bitcoin is still in a long-term uptrend.
Bitcoin is growing more than 40% in 2021, while Ether has quadrupled and the wider Bloomberg Crypto Index has more than doubled.
The crypto bonds remain controversial investments. Some see them as highly volatile and purely institutional with little intrinsic value, while others argue institutional adoption will grow, tempering volatility and supporting prices.
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