BTC and other major tokens are on a losing streak again. On Tuesday, the coins lost 3% in line with the Asian morning hours (Wednesday).
The net crypto market cap slumped 3.3% within 1 day. BTC also slides down to around $83,500. 24 hours ago, the price was $84,200. Meanwhile, ETH and ADA fell around 5% sharply.
Among Other Coins….
XRP exhibited a steady fall, with the price trends showing an incumbent plunge. Fundamental analysis also shows a bump ahead. Meanwhile, ProShares ETF platform is amending its spot XRP ETF filing on Tuesday.
The filing date is supposed to be 30th April.
Alongside, sharks are also easily selling off BTC tokens as they face major losses after the 3% slump. CyptoQuant’s on-chain analysis reveals the same. The regular BTC sales from major investors have also reduced from a high rate of 800,000 BTC to 300,000 BTC.
According to analysts, the selling curve was much awaited. The market has been experiencing losses since mid-February. In the meantime, no new sharks are interested in stacking up more coins.
Consequently, BTC holdings have fallen by around 30k BTC in he last 7 days. At the same time, the monthly accumulation rate has also trickled down from 2.7% in March to only 0.5% now. It also marks the slowest streak since Feb 20.
The slump gained gravity when the Hong Kong-based Chinese stocks realized more losses. The average loss was 2.9% after the markets opened on Wednesday. However, the losses are not at par with the economic growth in China. In Q1, the Chinese economy has grown 5.4%.
Traders cannot free themselves from the tariff concern after the US’s” whimsical tariff policy set in. Consequently, the risk-off assets seem more appealing than the risk-on assets like crypto.
