Crypto news: Bulls defend ‘key’ support as BTC drops to $40K
Updated
After losing $4,000 in a day, bitcoin (BTC) fell to $40,000 (£29,350), a key support level that bulls are looking to defend.
BTC had been trading above $44,000 on Thursday morning, but within 14 hours sunk to $40,000 region, according to TradingView data.
Just last week, BTC’s attempted to reach $46,000, but was ultimately rejected. Now bitcoin bulls are looking to defend “a key support level”.
“Holding this range, the most key price level of the past one-plus year, is the final test to confirm a trend reversal. If we hold it, the bounce is confirmed. If we fail it and go below then we failed the reversal,” cryptocurrency trader Kevin Svenson wrote on Twitter.
#Bitcoin just touched the bottom of the support range and is currently bouncing ???? pic.twitter.com/ZtqolDYncI
— Matthew Hyland (@MatthewHyland_) February 17, 2022
The Crypto Fear and Greed index, which measures sentiment in the market, sank to 30, signalling ‘extreme fear’ in the market, from yesterday’s reading of 54, which suggests ‘neutral’ sentiment.
Quote of the day
Jesse Powell, co-founder and chief executive of centralised cryptocurrency exchange Kraken, wrote in a since-deleted Twitter comment: “If you worried about your assets being frozen don’t keep your funds with any centralised/regulated custodian. We cannot protect you, cash out and only trade P2P.”
His comments came after Canada invoked the Emergencies Act, which gives the government the power to freeze the bank accounts of anti-vaccine Freedom Convoy protestors.
Canada’s government also broadened the scope of Canada’s anti-money laundering laws to cover all forms of transactions and donations that include cryptos.
What is your sentiment on BTC/USD?
Top cryptocurrency coins by market capitalisation
As of 11:30 UTC:
- Bitcoin (BTC) sank 6.62% to trade at $40,433.37
- Ether (ETH) lost 5.78% to $2,900.42
- Binance coin (BNB) was down 4.53% and trading at $405.77
.Winners and losers
- Klaytn (KLAY) was the only coin from top 50 biggest cryptocurrencies by market capitalisation, excluding stablecoins, that was trading above its price this time a week ago. KLAY added 4.65% over the last seven days
- Ethereum classic (ETC), harmony (ONE) and the sandbox (SAND) lost 18.53%, 17.40% and 16.99% over the past seven days
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