1. Bitcoin price drop in daily peak, this dominant cryptocurrency is actually down six percent. BTC at its low in daily volume in steep sell off or 5% to 10% thus tends to see an increase in daily volume.
Forgotten something? Let me remind you that BTC is still 600 times higher than what it used to be, $5 once, remember? I believe BTC is already down more than 1/10th its ATH, so falling 3-5% during a day's session shouldn't bother as this is how those big boys are making money - by shorting it.
2. The Ethereum price has experience in similar trend as well as Bitcoin. ETH has dropped $2billion to $1.6 billion by more over 20%.
There are few reasons I believe this happened:
- Ethereum went with the flow as the whole crypto space is experiencing a hard plunge.
- Ethereum had its own flaws for which it's seeing such a drop as it was about to happen and this seemed to be the best time to those market players to pull it back down harder.
Is Bottom Far from here?-- Bitcoin
I don't think so, however 3200 (and if broken down hard), 2900 are most crucial levels under the radar and I believe Bitcoin should never touch 2900 and show some signs of bullishness by breaking 3650 resistance with a strong approach.
What happen to tokens if ETH drops 35% more?
They'll all get vanished with their projects as most will shut down due to lack of funds due to price slump.