Crypto Market Falls As Whales Send Bitcoin Below $ 50,000

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Bitcoin fell below $ 50,000 again. Other Layer 1 coins like Ethereum, Solana, Terra, and Polkadot are also down today.

Bitcoin faces resistance

Bitcoin is pushing the cryptocurrency market into the red.

The main crypto asset failed to break resistance at $ 52,000 on Monday, leading to a steep drop below $ 50,000. It is currently trading at $ 49,250.

Bitcoin’s retracement comes as several indicators point to a bearish outlook for the asset. Santiment data shows that the so-called “whales,” large holders who hold between 1,000 and 10,000 Bitcoin, sell their coins. The proportion of supply split among holders of 1,000 to 10,000 Bitcoin fell to 27.52% last week. In addition, the supply held on the exchanges increased to 2.25 million Bitcoin. The supply held on exchanges is commonly used as an indicator to assess price movement: fewer coins held on exchanges are considered bullish because it suggests that fewer holders are selling their assets.

Source: Santiment

Many other assets have also suffered from the Bitcoin slowdown. Ethereum is down 4.5% today, while other Layer 1 coins like Solana, Terra, and Polkadot were hit harder. Several DeFi tokens such as Uniswap’s UNI, Curve’s CRV, and Maker’s MKR also saw a downward trend. One exception on the downside is Sushi, whose SUSHI token has increased 8% in the past 24 hours. The decentralized exchange started rallying yesterday amid renewed confidence in the project following its well-documented struggles in recent months.

Bitcoin has had a difficult year despite the crypto market surging to new heights. It posted a record price of $ 69,000 as the global cryptocurrency market cap surpassed $ 3 trillion in early November, but struggled to maintain momentum throughout the year. It has suffered a slump in recent weeks even as other small-cap assets like Polygon and Terra hit new highs. Bitcoin’s market cap is currently just over $ 931 billion at the time of publication, which represents around 38% of the cryptocurrency market share.

Disclosure: At the time of writing, the author of this article owned ETH, CRV, SUSHI, MATIC, and several other cryptocurrencies. They were also exposed to UNI and MKR in a cryptocurrency index.

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