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  • Newsflash: Bitcoin Dives to $9,770 As Crypto Market Loses $12.7 Billion in Minutes

Newsflash: Bitcoin Dives to $9,770 As Crypto Market Loses $12.7 Billion in Minutes

August 28, 2019

Bitcoin and the crypto market are in the midst of a sharp move to the downside.

In less than an hour, the price of BTC fell from $10,269 to $9,770 according to CoinMarketCap. The plunge brought other altcoins along with it, with the market cap of all cryptocurrencies sinking from $265.7 billion to $253.1 billion at time of publishing.

With BTC coiling in recent days, crypto analysts are expecting a sharp move to one side. Analyst Josh Rager says Bitcoin’s biggest level of support is just under $8,000.

“The price compression is reducing gains from swing lows to swing highs: 86%, 36% & recently only 15%.

Wanting price to keep closing above $10,025. Large gap in VPVR (supply/demand areas by price) and if the price breaks down lots of interest right below $8k.”

Right now, the crypto price data aggregator COIN360 has Bitcoin down 4.98% at $9,658. Ethereum is down 8.44% at $171.41, XRP is down 5.37% at $0.2539 and Litecoin is down 8.38% at $66.51.

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.