Bitcoin traded below the psychologically important $20,000 mark Thursday evening as the global cryptocurrency market cap slid 4.1% to $859.3 billion at press time.
Price Performance Of Major Coins
Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC)
-4.2%
-8.7%
$19,256.84
Ethereum (CRYPTO: ETH)
-5.75%
-9.5%
$1,034.93
Dogecoin (CRYPTO: DOGE)
-4.4%
2.55%
$0.065
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency
24-Hour % Change (+/-)
Price
Convex Finance (CVX)
+19.75%
$4.31
Amp (AMP)
+14.8%
$0.0098
Arweave (AR)
+6.5%
$9.61
See Also: How To Get Free Crypto
Why It Matters: Bitcoin traded below its 200-day simple moving average on Thursday, noted GlobalBlock analyst Marcus Sotiriou.
“Bitcoin has not retested this level as resistance, but if it does and rejects back down, this would be a very bearish signal. This is because it would be the first time that this level has been broken on a long-time frame and could suggest an extended bear market is on the horizon,” said Sotiriou in a note, seen by Benzinga.
On Thursday, the U.S. Securities and Exchange Commission rejected Grayscale’s proposal to convert Grayscale Bitcoin Trust (OTC: GBTC) into a spot Bitcoin exchange-traded fund. This was the “straw” that broke the $20,000 level’s back, according to Edward Moya, a senior market analyst with OANDA.
“Negative crypto headlines have been nonstop and fresh concerns that the regulatory environment will be rather harsh going forward has really kept sentiment down,” said Moya.
“If the bloodbath on Wall Street …
Full story available on Benzinga.com