Most major coins are seeing a slide today, with many pointing to the impact of the Santa slump in the crypto space. The major coin, BTC, was down 5.5% over the past 24 hours, seeing a 40% surge in volume. The break below $50k likely accelerated the move lower with stop losses being triggered just below this level. We flagged up the importance of $50k in a TechTalks piece here.
The break lower in BTC is one of the key reasons for the rest of the market following suit. Blockchain frameworks such as DOT and COSMOS are two of the hardest hit majors, both down over 10%. It also looks like investors are keen to sell out of meme coins, with DOGE and SHIBA taking large hits over 7%.
We do note that these two weeks around Christmas and New Year do tend to see higher volatility than usual in the crypto space, given the fact that it’s the only financial market that doesn’t close over this period.
AlphaPicks has a position in DOT and SHIBA. To trade crypto, register here with our preferred partner, EToro.