Bitcoin Dips Below $50K As Evergrande Defaults On US dollar Debt
Read the full article by William Suberg
Fresh panic over Evergrande appears to have a limited impact on cryptocurrency markets.
Key Points:
BTC/USD 1-day candle chart (Coinbase). Source: TradingView
“Chop, chop, chop it is for Bitcoin,” Cointelegraph contributor Michaël van de Poppe wrote on the day.
Amid broadly calmer conditions despite macro markets dealing with an unprecedented debt default from China’s Evergrande property giant, analysts thus focused increasingly on longer-term phenomena to gauge Bitcoin price action’s overall health.
“Bitcoin appears on track,” popular Twitter account TechDev summarized Wednesday in an optimistic discussion comparing this year to previous post-halving years 2013 and 2017.
Altcoins were similarly calm overnight, with the only standout in the top 10 cryptocurrencies by market cap being Terra’s LUNA token, up 11%.
Related: This Bitcoin price metric just hit ‘oversold’ for only the 7th time in 8 years
Ether (ETH) was down by 1.2% at the time of writing to just above $4,300 while maintaining almost four-year highs against BTC.
For Rekt Capital, $4,384 was the support level to reclaim in order to fuel a retest of ground nearer all-time highs.