Crypto Market Tumbles as Whales Send Bitcoin ( $58,817.00 ) Below $50,000

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Bitcoin ( $58,817.00 ) has broken below $50,000 again. Other Layer 1 coins like Ethereum ( $3,155.73 ) , Solana, Terra, and Polkadot ( $6.21 ) are also down today. 

Bitcoin ( $58,817.00 ) Faces Resistance

Bitcoin ( $58,817.00 ) is pushing the cryptocurrency market into the red. 

The leading crypto asset failed to break resistance at $52,000 Monday, leading to a sharp decline below $50,000. It’s currently trading at $49,250. 

Bitcoin ( $58,817.00 ) ’s retrace comes as several indicators point to a bearish outlook for the asset. Santiment data shows that so-called “whales,” large holders who hold between 1,000 and 10,000 Bitcoin ( $58,817.00 ) , have been selling their coins. The proportion of the supply distributed among holders with 1,000 to 10,000 Bitcoin ( $58,817.00 ) has dropped to 27.52% in the last week. Moreover, the supply held on exchanges has increased to 2.25 million Bitcoin ( $58,817.00 ) . The supply held on exchanges is popularly used as an indicator for gauging price action: fewer coins held on exchanges is seen as bullish as it suggests that fewer holders are selling their assets. 

Source: Santiment

Many other assets have also suffered as a result of Bitcoin ( $58,817.00 ) ’s downturn. Ethereum ( $3,155.73 ) is down 4.5% today, while other Layer 1 coins like Solana, Terra, and Polkadot ( $6.21 ) have been harder hit. Several DeFi tokens such as Uniswap ( $7.61 ) ’s UNI, Curve’s CRV, and Maker’s MKR have also trended down. One exception to the decline is Sushi, whose SUSHI token is up 8% in the last 24 hours. The decentralized exchange began rallying yesterday amid renewed confidence in the project following its well-documented struggles of the last few months.  

Bitcoin ( $58,817.00 ) has had a rocky year despite the crypto market jumping to new highs. It recorded an all-time high price of $69,000 as the global cryptocurrency market cap topped $3 trillion in early November but has struggled to maintain its momentum throughout the rest of the year. It’s suffered from a slump in recent weeks even as other lower cap assets like Polygon and Terra post new highs. Bitcoin ( $58,817.00 ) ’s market cap is currently just over $931 billion at press time, which represents about a 38% share of the cryptocurrency market. 

Disclosure: At the time of writing, the author of this piece owned ETH, CRV, SUSHI, MATIC, and several other cryptocurrencies. They also had exposure to UNI and MKR in a cryptocurrency index. 

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