The world cryptocurrency markets dove on 14 July 14 after Bitcoin (BTC) saw another $1,400 sell-off, denying the Bulls a chance to revisit Y 2019 highs.
At 09:00 UTC on 14 July BTC began to shed $1400 from its price, dropping below $11,000 and then $10,500 for the 1st time since 2 July.
Prices had initially attempted to rally above $10,800 but were stopped, as a reversal to momentum drove prices back below $10,000.
BTC’s price is still feeling the sell-off and is currently changing hands at 10,220.46+16.03 (+0.16%)As of 5:02a BST, the market is open.
The move down was also accompanied by a small surge in total trading volume of $2.8-B over a 24 hr frame, as traders looked to book profit and exit the markets in quick succession amid declining crypto prices across the board, according to CoinMarketCap data.
Alt-coin names such as ether (ETH), litecoin (LTC), XRP (XRP) and EOS (EOS) also fell in value at around the same time as BTC, losing between 15-20% in just under 6 hrs.
Further, the total market capitalization of all cryptocurrencies combined saw a $20.1-B loss over 24 hrs, marking one of the largest 1-day losses in market value since 27 June 2019.
The short term outlook is very volatile, so BTC could experience a bounce on momentum, but that will need to be accompanied by strong Bullish volume in order to end the recent sell-off that started on 10 July.
Have a terrific week.