The Perfect Crypto Storm?
20 May, 2021 CryptoParrot
Market Crash Erases 25% of Cryptocurrency Cap
2021 has finally a worthy competitor for last year's Black Thursday. Over this week, cryptocurrencies lost more than 25% of their market cap in a domino effect unseen for a long time.
Leading the charge downstairs, ETH lost 40% of its value and BTC, 30%. The king of crypto dipped below the psychological level of $40,000, getting dangerously close to tanking even below the 30k resistance.
The perfect storm was caused by a myriad of factors, most noticeably the reversal of Tesla's decision of accepting Bitcoin as a payment method, due to the crypto's carbon footprint. Alongside that decision, China's Central Bank's decision of cracking the whip on cryptocurrencies also prepped the ground for the crash.
Even though the impact of those losses is immense, it is worthy of note that BTC and ETH are still over their 2020 price range. Ether's legendary rally had made the token triple its value, while Bitcoin's situation while a little too close for safety, had improved with the coin quickly regaining part of its value and nearing the now $40k resistance level.
According to specialists, while startling, this kind of reaction can be interpreted as part of the game. Cryptocurrencies had been stalling and trading sideways in all-time high levels for most of 2021, and the bill was due for some correction. A negative news cycle only rushed things up.
While traders reel back from the impact, Crypto Parrot users can use this moment to experiment and plan the next phase of their trading journey. Join now and be part of a safe and educational crypto community today.
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