{"id":256023,"date":"2021-05-22T00:37:55","date_gmt":"2021-05-21T21:37:55","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-price-drops-below-34000-pulling-altcoins-to-multi-month-lows\/"},"modified":"2021-05-22T00:37:55","modified_gmt":"2021-05-21T21:37:55","slug":"bitcoin-price-drops-below-34000-pulling-altcoins-to-multi-month-lows","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-drops-below-34000-pulling-altcoins-to-multi-month-lows\/","title":{"rendered":"#Bitcoin price drops below $34,000, pulling altcoins to multi-month lows"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3845d85976b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3845d85976b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-drops-below-34000-pulling-altcoins-to-multi-month-lows\/#Exchange_activity_spikes_during_sell-off\" >Exchange activity spikes during sell-off<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-price-drops-below-34000-pulling-altcoins-to-multi-month-lows\/#Altcoins_crushed_again\" >Altcoins crushed, again\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Bitcoin price drops below $34,000, pulling altcoins to multi-month lows<\/strong>&#8221;<\/p>\n<p style=\"float:right;margin:0 0 10px 15px;width:240px\"><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvMDllNzEzNTctZjZkZi00YTdiLWEyNjgtN2I0YjVlOTFkMzY1LmpwZw==.jpg\" class=\"type:primaryImage\"><\/p>\n<pre><code>                Another round of FUD helped to push Bitcoin price back below $34,000, placing further pressure on altcoins which now trade below multi-month lows. \n                &lt;p&gt;On May 21 the crypto market was hit with a fresh round of fear, uncertainty and doubt (FUD) which sparked another, albeit more muted, sell-off in Bitcoin (BTC) price and a majority of the altcoins.\u00a0\n<\/code><\/pre>\n<p>For the second time in less than 3-weeks, China was again the culprit as rumors that regulators were looking to crack down on Bitcoin mining and trading. <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Media<\/a> also reported that authorities in Hong Kong proposed banning retail traders from cryptocurrency trading.<\/p>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/\">TradingView<\/a> shows that Bitcoin (BTC) bulls were holding the $40,000 support level prior to the announcement from China but quickly lost it and had to regroup at the $36,000 support before further downside ensued.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/1eeadc71-fc7a-4464-876e-87c8b110c9ef.png\" \/><figcaption style=\"text-align: center\"><em>BTC\/USDT 4-hour chart. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\"><em>TradingView<\/em><\/a><\/figcaption><\/figure>\n<p>While the turnaround seen across the market on Thursday helped assuage fears of the return to a crypto winter, some analysts, including Jarvis Labs co-founder Ben Lilly, correctly assessed that \u201cw<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Jarvis_Labs_LLC\/status\/1395246944016945153\">e are not out of the woods<\/a>\u201d prior to Friday\u2019s drawdown.\u00a0<\/p>\n<p>Still, there is room for hope that the price of BTC could manage to hold its ground and climb higher as activity seen in whale wallets showed heavy inflows at $39,931, indicating a new possible level of support.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Significant inflows to whale wallet h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ened at $39,931 (around 115k BTC). This should now be a support for <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>. Closest resistances are at 52 and 56k. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/XnsNQ35BFZ\">pic.twitter.com\/XnsNQ35BFZ<\/a><\/p>\n<p>&mdash; whalemap (@whale_map) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/whale_map\/status\/1395720305830764554?ref_src=twsrc%5Etfw\">May 21, 2021<\/a><\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Exchange_activity_spikes_during_sell-off\"><\/span>Exchange activity spikes during sell-off<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Cryptocurrency exchanges played a big part in Wednesday\u2019s price action as highlighted in the recent Delphi Daily report by Ashwath Balakrishnan.\u00a0<\/p>\n<p>According to Balakrishnan, Binance was responsible for:<\/p>\n<blockquote><p>\u201cFacilitating nearly $100 billion worth of spot trades\u201d and decentralized exchanges on the Ethereum (ETH) network \u201crecording over $10 billion in volume.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/6773f2e6-6a6d-4d11-801b-8d25dc6606fe.png\" \/><figcaption style=\"text-align: center\"><em>Ethereum DEX daily volume. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.delphidigital.io\/\"><em>Delphi Digital<\/em><\/a><\/figcaption><\/figure>\n<p>This marked the \u201csingle highest day of volume for all DEXes\u201d on record led by Uniswap (UNI) which saw \u201cnearly $6 billion of volume\u201d transacted as retail traders ran for the exits. <\/p>\n<p>According to Micah Spruill, managing partner and chief investment officer at S2F Capital, approximately $9 billion in value was liquidated during this week\u2019s correction in a similar washout to what was experienced in March 2020. <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/42e9239b-47b1-4715-8c42-71ea02afdeaa.jpg\" \/><figcaption style=\"text-align: center\"><em>All coins liquidations across centralized exchanges. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/coinalyzetool\/status\/1395314682777456640\"><em>Coinalyze<\/em><\/a><\/figcaption><\/figure>\n<p>Spruill also pointed to the \u201chistoric levels of Bitcoin being moved off the exchange on May 19 when compared to the net exchange outflows over the last several years,\u201d highlighting the fact that this was the highest dollar denominated amount of net outflows in history and is \u201cextremely bullish.\u201d<\/p>\n<p>To get a better grasp on the current sentiment of traders in the market, Spruill pointed out that retail wallets have continued to grow in numbers despite the market turmoil with the dip being quickly bought by retail investors, which is \u201ca sign of continued growth and adoption.\u201d<\/p>\n<p>Spruill said:<\/p>\n<blockquote><p>&#8220;The number of new entities has been increasing this entire pullback as well, further pointing to the fact we have not experienced a bull cycle top but rather a local top within a large bull cycle.&#8221;<\/p><\/blockquote>\n<h2><span class=\"ez-toc-section\" id=\"Altcoins_crushed_again\"><\/span>Altcoins crushed, again\u00a0<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The continued pressure on Bitcoin spilled over into the altcoin market causing the majority of tokens in the top 100 to drop deeper into the red.  <\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-05\/940960ea-0c6a-40fa-ba29-a5b604c50261.png\" \/><figcaption style=\"text-align: center\"><em>Daily cryptocurrency market performance. Source: <\/em><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/coin360.com\/\"><em>Coin360<\/em><\/a><\/figcaption><\/figure>\n<p>The overall cryptocurrency market cap now stands at $1.4 trillion and Bitcoin\u2019s dominance rate is 44.3%.<\/p>\n<p class=\"post-content__disclaimer\">The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n<\/p>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-price-drops-below-35-000-pulling-altcoins-to-multi-month-lows\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Bitcoin price drops below $34,000, pulling altcoins to multi-month lows&#8221; Another round of FUD helped to push Bitcoin price back below $34,000, placing further pressure on altcoins which now trade below multi-month lows. &lt;p&gt;On May 21 the crypto market was hit with a fresh round of fear, uncertainty and doubt (FUD) which sparked another, albeit&#8230;<\/p>\n","protected":false},"author":1,"featured_media":256024,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDUvMDllNzEzNTctZjZkZi00YTdiLWEyNjgtN2I0YjVlOTFkMzY1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-256023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/256023","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=256023"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/256023\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/256024"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=256023"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=256023"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=256023"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}