RATE Group | Bitcoin bulls lick wounds after major sell-off
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Bitcoin bulls lick wounds after major sell-off

19 Jul Bitcoin bulls lick wounds after major sell-off

Posted at 20:15h in Bitcoin News by

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  • Bitcoin stays in red, altcoins are losing ground as well.
  • The market is driven by Facebook’s Libra story.
  • The short-term price recovery is limited by $11,000.

The cryptocurrency market has lived through a dreadful week as Bitcoin (BTC), and all major altcoins crashed below several important support levels. The sentiments turned sour amid regulatory scrutiny towards Facebook’s Libra project. 

The total capitalization of all digital assets in circulation slumped from $332 billion to $249 billion to the lowest level since the beginning of June. The majority of altcoins are nursing double-digit losses on a week-on-week basis, while Bitcoin is down over 10% in recent seven days.

What’s going on in the market

The passing week has been full of turbulent events; however, Facebook’s ambitious Libra project took center stage and influenced the market sentiments. 

Regulators and governments increase their pressure

US Senators grilled Calibra’s CEO David Marcus…

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