Another wave of selling pressure hit the cryptocurrency market on Feb. 23 as Bitcoin struggles to reclaim the $49,000 level.
Data from Cointelegraph Markets and TradingView shows that Bitcoin fell under intense pressure in the early trading hours on Tuesday and this pushed the price of BTC as low as $44,927 before buyers arrived to stop the descent.
The majority of altcoins and DeFi tokens are now even deeper into their double-digit losses and Bitcoin (BTC) price has dropped by more than $10,000 in the past 48 hours.
BTC/USDT 4-hour chart. Source: TradingView
At the time of writing, BTC is trading at a price of $48,600, which reflects a 11% decrease for the day but according to Cointelegraph analyst Marcel Pechman, pro traders have looked to buy the dip and opened new leveraged long positions.
Today's market downturn has overshadowed several positive developments for the cryptocurrency ecosystem, including the news that Bitfinex and Tether have settled their case with the Office of the New York Attorney General and agreed to pay $18.5 million for damages to the state of New York. Both parties also agreed to submit to periodic reporting of their reserves.
Interest in the first Bitcoin ETF in North America has also continued to explode as the Purpose Bitcoin exchange-traded fund has grown to $564 million in assets under management just five days after the fund was launched. Filings also show that the fund added 2,251 BTC being added to the fund on Feb.23.
Pullbacks are a sign of a healthy market
Despite the market-wide carnage, many crypto traders and professional investors view the current pullback as a necessary break that allows overbought assets to retest key underlying support ...
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