Breaking Crypto News – Understanding the Impact of Today’s Crypto Market Downturn on Traders

Breaking Crypto News – Is the Current Crypto Market Downturn Temporary or Long-term?

Breaking Crypto News – Due to a significant development in the Mt. Gox case yesterday, there was bearishness in both the price of Bitcoin and the total crypto market cap (total). Panic ensued, causing enormous sell-offs that cleared over $300 million in long-term contracts. Unexpectedly, other altcoins benefited from this, such as Fetch.ai (FET).

Significant Decline in Total Market Cap

The fact that TOTAL closed at about $2.20 trillion was a fairly depressing development. The rumor that Mt. Gox was starting to reimburse Bitcoin Cash (BCH) and Bitcoin (BTC) caused FUD and disinformation, which in turn caused bearishness. Because of this, the market began to fear that a sharp rise in sales after repayments might cause a collapse. In order to safeguard their gains, investors acted to sell their assets.

Investors are Worried as Bitcoin Trades at $61,000

At yesterday’s intraday low, the price of Bitcoin dropped below $60,000, continuing a worrying trend of speculative selling. The largest cryptocurrency in the world did, however, manage to somewhat rebound, closing at $61,000 on Monday. Due to persistent investor pessimism following the summer sell-off, a Bitcoin rebound will be challenging. As long as $63,000 is maintained as the floor of support, it remains a level to monitor in order to see the recovery resume.

Fetch.ai Rises Despite All Setbacks

While the price of BTC and other popular cryptocurrencies dropped, the price of Fetch.ai and other altcoins benefited from the change in market sentiment. The cryptocurrency recovered from a three-month low of $1.4. Over the past day, FET’s price has increased by 12.13%, causing cryptocurrency to trade at $1.65. At $1.7, the price of fetch.ai is currently expected to overcome significant resistance.

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