RATE Group | Weekend stability ousted, Bitcoin slumps under $5,000
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Weekend stability ousted, Bitcoin slumps under $5,000

16 Mar Weekend stability ousted, Bitcoin slumps under $5,000

Posted at 07:10h in Cryptocurrency News by

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  • Bitcoin price extends the bearish leg under $5,000 pulling the entire market from stability to losses in a matter of minutes.
  • Ethereum price smashes below $110 support insinuating that levels under $100 could be tested again before a significant recovery ensues.

Extreme price swings are becoming the new normal in the cryptocurrency market. However, the swings are not unique to digital assets as other global markets such as the forex market, stock market and the futures bleed in regards to the Coronavirus pandemic.

The weekend session was characterized by stability across the crypto market. Unfortunately, Monday has seen bears swing back into action with the majority of the major cryptos posting losses between 5-14%. Some of the worst-hit cryptoassets are Ethereum Classic (ETC) after losing at least 13% of its value on the day, Monero (XMR) with a 12.1% loss and NEO, currently trading 10.50% lower on the day.

BTC/USD is starting the week’s trading with…

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