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Tuesday

02 March 2021

Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K

Altcoins and DeFi sell-off after Bitcoin’s 17.6% correction below $50K


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In the early morning trading hours Bitcoin (BTC) price abruptly dropped by 17.65% which triggered a major downturn throughout the entire market.

According to ExoAlpha Chief Investment Officer David Lifchitz, recent charts for Bitcoin looked overbought, signaling that a "15% correction could happen” as part of a normal market cycle before BTC attempts to break out to new highs.

Bitcoin went from $10,000 in October 2020 to almost $60,000 in just 4 months, indicating to Lifchitz that a “pause/mild-correction is definitely in the cards.”.

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cointelegraph.com
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