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BTC Drops Below $10k Again With Major Altcoins Following Suit – Why A Sudden Bearish Turn?

The last 24 hours have been particularly discouraging as BTC and other major cryptocurrencies sharply declined from their respective previous price accumulation. Bitcoin (BTC) had recently experienced a price pump of around 6% surpassing the important $10k level. This instigated significant market swing as major altcoins, including Ethereum (ETH) and XRP all moved correspondingly to a price increment.

Bitcoin/BTC Drops Below $10k

However, over the last 24hours, the crypto market slowly dispensed some of its price accumulations and major cryptocurrencies are now falling. As BTC Drops Below $10k, it bends towards a very likely $9500 price. Moreover, the price of Bitcoin has since yesterday declined by about 7% and now stands comfortably below the $10k mark.

At the time of writing this piece, BTC is changing hands at $9,600. Within the last 24 hours, BTC was seen vacillating between $10,200 and the $10,270 area to build weak support within the range.

Ethereum (ETH) Price Update

Ethereum began the week on a quite good note. Moving up more than 15% from the previous day, ETH gained more than $120, touching a high of $286 as of Tuesday. However, a quick bearish trend set in and drove its price further down by Wednesday.

However, the charts began to move in the opposite direction following the recent market reverse that was seen in BTC within the past 24 hours. As ETH slowly lost its accumulated gains, it moved down the charts by 7% in the last 24 hours to record its current price of $259.0.

XRP Price Update

XRP like major altcoins also dropped considerably in price in the previous days. The third-largest cryptocurrency struggled on the charts in recent days as the general crypto market fell into great dips. As the market began to recover, XRP, however, remained silent and traded sideways instead, perambulating around the $0.29 region for several days.

With BTC Drops Below $10k, XRP also lost around 7% within the last day, landing at $0.276 per unit of the coin at which its currently changing hands.

Why A Sudden Bearish Turn?

As for BTC, there are allegations against big crypto exchange Binance and other market movers who constantly manipulate the market to their advantages. Some, more than others have become skillful in such dealings.

Within one week, for instance, Binance has received a couple of such allegations from its customers. They alleged that the giant exchange claims to have maintenance whenever there is a rise in the price of BTC to prevent traders from taking profits. During these times, trading and other activities like withdrawals are always paused.

The report, which stands as mere observations at the moment is worthy of note as a couple of community members are now echoing similar concerns. This may have had a short term effect on the price of BTC.

As for XRP, this may be due to recent reports of Whales dumping the coin on the markets. Although such shock is no more new to XRP holders, a 2% sale of total circulation recently by former Ripple co-founder, Jed McCaleb could not be easily absorbed.

Image Source – Flickr

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Dare Shonubi

Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.

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