Crypto Market September 11th: Bitcoin price fluctuates in the range of $ 45,000
The sell-off appears to be stabilizing, although many altcoins have lagged behind Bitcoin in the past seven days. Bitcoin price is trading at around $ 45,000 and has fallen about 9% over the past week. Some analysts expect BTC to consolidate with near support at the 200-day moving average, although resistance remains strong at around $ 50,000.
The global crackdown on cryptocurrencies by regulators is still ongoing. As reported, the State Electric Company of China has announced that it will be conducting reviews of BTC and other crypto mining facilities.
“The article states that virtual currencies like Bitcoin waste energy and evade financial control and have no clear legal status in China.” The crypto news site WuBlockchain Twitter.
And last week the European Securities and Markets Authority published a report that said crypto assets are very price volatile and operate outside the current EU (European Union) legal framework, raising investor protection issues.
“The ratio of positive and negative comments on Bitcoin has fallen into FUD mode after seeing a surge of positivity in the first 24 hours since the decline on Wednesday. With bearish buyers investing, as our data suggests, this could be a real downside to buying. “said Santiment.
Cryptocurrency Market September 11th: Ethereum
Ether, the world’s second-largest cryptocurrency by market capitalization, is holding support above the $ 3,000 breakout it hit in August. ETH fell from the $ 4,000 resistance as buyers failed, comparable to the all-time high of around $ 4,360 hit in May, seems oversold on the short-term charts, and is likely to consolidate over the weekend.
September 11th Cryptocurrency Market: Other Altcoins
Terra’s native token, LUNA, is up nearly 40% during the day as major cryptocurrencies collapse. LUNA is trading at $ 41.32, up 30% over the past 24 hours.
Historically, September was not suitable for the market for either stocks or cryptocurrencies. Since 2011, there have only been three positive returns from BTC in September, the market has been volatile. Still, some outliers have done better, namely, Solana (SOL) which continues to rally and record records – high highs – hit $ 216 yesterday. Solana’s 11.50% YoY gain is nothing short of impressive.
Most of the altcoin market today is red. The top 10 CoinMarketCap with XRP, which has seen the most significant 10% decline in the past 24 hours, is trading at $ 31.83. The total crypto market cap is currently $ 2,067 trillion. Bitcoin’s dominance is 41.3%.