Bitcoin price slides 5% as second day of losses costs Ethereum $2K landmark

By William Suberg

A sea of red greets traders on Wednesday as blame shifts to leveraged long traders and the need to liquidate their positions.

Bitcoin (

BTC/USD chart showing clusters of whale orders. Source: Whalemap

Altcoins reverse strong weekly start

On altcoins, strong performance was in jeopardy at the time of writing, with Ether back below its historic $2,000 marker and heading away from all-time highs.

ETH/USD 1-hour candle chart (Bitstamp). Source: Tradingview

XRP and Polkadot (DOT) were the biggest losers in the top ten cryptocurrencies by market cap, shedding over 10% on the day. All but one of the top 50 tokens, excluding stablecoins, were in the red.

Commenting, popular trader Scott Melker blamed overly sensitive traders.

“Bitcoin sneezes and drops a few hundred dollars, edgy traders panic sell their alts like jabronis and Bitcoin Dominance rises. Good times,” he tweeted.

“Reminder just how delicate these windows of alt coin trading are.”

Alts remain tipped for a dramatic return to form in summer, with Filbfilb even arguing that the second incarnation of “Alt Season” is already here.

Source:: https://cointelegraph.com/feed