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06 March 2021

Altcoins nurse double-digit losses as Bitcoin bulls fight to retake $49K

Altcoins nurse double-digit losses as Bitcoin bulls fight to retake $49K


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Data from Cointelegraph Markets and TradingView shows that Bitcoin fell under intense pressure in the early trading hours on Tuesday and this pushed the price of BTC as low as $44,927 before buyers arrived to stop the descent.

Interest in the first Bitcoin ETF in North America has also continued to explode as the Purpose Bitcoin exchange-traded fund has grown to $564 million in assets under management just five days after the fund was launched.

As pointed out by Twitter user 'Bitcoin Archive', corrections like these are par for the course and were commonplace during the 2017 bull market which had “9 dips between 20-40%”.

Traditional markets also faced early selling pressure on Tuesday morning but they were able to climb back into the green shortly after Federal Reserve Chair Jerome Powell reaffirmed that the Fed will maintain the current accommodative policies, including keeping benchmark rates near zero and asset purchases at the current pace of $120 billion per month.

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cointelegraph.com
Market data feeds provided by cryptocompare.com
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