Bitcoin Tumbles To A Low Point of Near 56K Today

Bitcoin (BTC) trading around $56,140.49 as of 20:00 UTC (4 p.m. ET). Slipping 3.72% over the previous a day. Bitcoin’s range that is 24-hour $55,541.91-$58,645.77. BTC trades below its 10-hour and 50-hour averages on the chart that is hourly a bearish signal for market professionals. Bitcoin slid for a day that is 2nd the No. 1 cryptocurrency saw flat trading volume, typical of the rangebound market.

Bitcoin’s spot trading volume on eight crypto that is U.S.-focused tracked was largely unchanged on Wednesday. The trading volume has been around or below $3 billion for a week now.

The cryptocurrency that is earliest is looking at a price help level around $54,000, as we reported previously, with opposition around $60,000.

An illustration of weakened bitcoin need from traders and investors into the East Asian nation regarding the buyers’ side, bitcoin’s “kimchi premium,” the difference between prices on South Korean exchanges as well as other worldwide avenues, dropped significantly on Wednesday.

Read More: Bitcoin Drops 6% in Korea, Shrinking the ‘Kimchi Premium’

Bitcoin dropped by over 6% against the won that is Korean after South Korean exchange Upbit suspended KRW withdrawals and deposits before markets exposed within the U.S. on Wednesday early morning.

Some analysts remain positive on the price trend that is long-lasting. Katie Stockton, a analyst that is technical Fairlead Strategies, told us that the intraday declines of between 3% and 6% are less impactful regarding the cost charts. Rather, the losings recommend ongoing support from energy and trend indicators.

Ether (ETH) trading around $1,981.56 as of 20:00 UTC (4 p.m. ET). Slipping 6.29% within the previous twenty four hours.
Ether’s range that is 24-hour $1,933.91-$2,129.39
Ether trades below its 10-hour and 50-hour averages on the chart that is hourly a bearish signal for market technicians.
After having logged three times of gains, ether saw a price pullback Wednesday, slipping below $2,000 for enough time that is first April 3.

Other alternative cryptocurrencies (“altcoins”) also suffered losses.

Analysts at the cryptocurrency information firm Messari have highlighted the so-called effect that is“Coinbase where new electronic tokens such as for example cardano tend to get a fast cost pump once they become available on the U.S. crypto exchange giant Coinbase.

The return that is average tokens being listed on Coinbase stands at around 91%, according to Messari. It's greater than the trade pump influence on other exchanges which are major as Binance, FTX, OKEx and Gemini.