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Bitcoin May Dump to $65K or Below, Spelling Trouble for ETH, XRP, ADA and Other Majors
Source: CryptoNewsNet Original Title: Bitcoin May Dump to $65K or Below, Spelling Trouble for ETH, XRP, ADA and Other Majors Original Link: https://cryptonews.net/news/bitcoin/32075510/ Bitcoin briefly broke below $83,000 late Monday, as thin liquidity, a weekend macro scare out of Japan, and mounting fears over a potential MSCI methodology change converged into a fast, disorderly move lower.
Prices hovered above $85,000 during Asian hours on Tuesday morning, with XRP, ether, Cardano’s ADA, Solana’s SOL and BNB Chain’s BNB showing losses upto 2%.
Market participants said the drop had little to do with the usual macro triggers and far more to do with the market’s inability to absorb even modest stress in the current environment.
“Bitcoin’s drop below $90,000 is the result of a collision between the fragile market structure and weak liquidity conditions observed over the weekend,” said Farzam Ehsani, CEO of certain crypto exchange.