The crypto industry has come under huge pressure over the last 24 hours as we have been seeing the prices crash down lower during this period. The BTC prices have dropped below the $10,000 region and once the support was broken through, we are now seeing the prices below the $9000 region. Some amount of support has come in at the $8500 region, which led to a bounce yesterday, but that is likely to be under high pressure very soon and it remains to be seen whether the support around this region will hold. If the prices break through the $8000 region, then we should be looking at much further below, as far as the BTC prices are concerned.
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BTC Prices Crash Through $9,000
There has not been any specific reason for the sell off in the crypto markets. There has been nothing fundamental but it is just a case of one news building up one after the other over the last couple of weeks or so, starting with the South Korean regulation and ending with the Indian Finance Minister repeating that the bitcoins and crypto were not legal tender in India. None of these is news and in fact, a lot of this has to do with regulation which is a positive development as far as the overall strength of the industry is concerned. But we are seeing the exit of a large number of speculators and smaller traders who were in it for the quick profits. What comes quickly, goes quickly as well.
The ETH prices have also suffered due to the overall losses in the crypto market and this has led the prices to crash below the $1000 region and it trades just above the $900 region as of this writing. It remains to be seen how long it will be able to hold up against all the selling that we have been seeing and if and when the support around the $850 blows through, we could be looking at much lower prices.
Forecast
Looking ahead to the rest of the day, it is likely to be an important and crucial day in the short term scheme of things. The bulls have to show up quickly for them to salvage the situation else the fall will begin gather more and more sellers which could quickly escalate into a huge sell off. We will know within the next 24 hours whether the bulls would show up.