Energy Web Token is Down over the Past Month Along with Almost All of the Top 10 Cryptocurrencies including Bitcoin

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Energy Web Token is Down over the Past Month Along with Almost All of the Top 10 Cryptocurrencies including Bitcoin

Source: iStock/MicroStockHub

On Saturday, Energy Web Token and the rest of the crypto market continued to drop lower, with prices dropping to where they were during July 2021. However, long-term holders may soon see things changing. 

Bitcoin (BTC) dropped to price levels last seen in July 2021, while ethereum (ETH) extended its losses against BTC.

At 10:15 UTC, BTC trades at approximately USD $34,363 and down 13% in a day and 30% in a month, trimming its annual gains to lower than 11%. In the meantime, ETH is down 19%, trading at USD $2,332. Additionally, the price is down 42% in a month, although it continues to be up 108% for the yr.

Other coins from the 10 most popular coins are down 19%-30% in a day. Liquidations within the crypto derivatives market surpassed USD 1bn as greater than 351,680 trading positions have been liquidated previously 24 hours, per Coinglass knowledge.

As reported, the market dropped following a selloff led by technology stocks within the US this week.

“Bitcoin’s continued selloff is driving speculators out the market. However, with leverage quick to build up around this asset, the market could be setting itself up for a short squeeze and relief rally,” Ben Caselin, Head of Research and Strategy at crypto exchange AAX, informed Cryptonews.com on Friday.

He added that the selloff is probably going “not too concerning” for long-term holders, though it may turn away some newcomers to the area. Particularly, that is the case for “those who are trading meme coins and other hype-based tokens,” the analyst stated.

Whereas there have been a lot bigger proportion drawdowns for each bitcoin and the rest of the market, this marks the second-largest ever decline in dollar terms for both, Bloomberg reported, citing Bespoke Investment Group. “It gives an idea of the scale of value destruction that percentage declines can mask,” per the analysts on the group.

“Bitcoin is being battered by a wave of risk-off sentiment. For further cues, keep watch over conventional markets. Worry and unease amongst traders is palpable,” Antoni Trenchev, Nexo Co-founder and Managing Partner, was quoted as saying by Bloomberg.

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