SHIB, AVAX, LUNA Record Double-Digit Losses as Bitcoin Slides to $47K

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Alex dovbnya

The cryptocurrency market is under intense pressure again

A cryptocurrency market sell-off has sent the price of Bitcoin (BTC) to an intraday low of $ 47,400 on cryptocurrency exchange Bitstamp, which is the lowest price for the flagship cryptocurrency since December 21.

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Altcoins have not gotten rid of the bears, with Shiba Inu (SHIB), Avalanche (AVAX) and Terra (LUNA) losing more than 10% in the last 24 hours, according to CoinMarketCap data.

Excluding stablecoins, SushiSwap (SUSHI), UNUS SED LEO (LEO), ICON (ICX), and IOTA (MIOTA) are the only green coins within the top 100. Kadena (KDA) is down 17%.

Bitcoin bulls tried to start the week on a high note, trying to regain the $ 52,000 level on Monday. However, the attempt failed, with the leading cryptocurrency falling more than 8% from its local peak.

As is often the case with cryptocurrencies, it is not immediately clear what prompted the most recent correction.

Earlier today, cryptocurrency trader Scott Melker noted that the major cryptocurrency was still within the same range after being rejected by resistance.

Earlier today, the S&P 500 posted its 70th all-time high of the year.

Noted intraday trader Timothy Sykes has commented on the growing divergence between cryptocurrencies and stocks, stating that it could be part of “a larger reckoning.”

Bullish predictions continue to persist

The fiery crypto bulls seem unfazed by the most recent correction that caught many traders off guard.

Plan B, an anonymous Dutch analyst whose bullish stock flow model recently became a subject of ridicule, continues to predict that it could end up reaching $ 200,000 during the current market cycle.


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