Bitcoin (BTC) and Ethereum (ETH) crushed, DogeCoin (DOGE) sinks 20% as Tesla stops Bitcoin payments

Bitcoin (BTC / USD), Ethereum (ETH / USD) and Alt-Coin Analysis and Charts:

  • Cryptocurrency market a sea of ​​red.
  • The Ethereum / Bitcoin spread keeps the positive sentiment going.

The sell-off of cryptocurrencies is accelerating in London trade The market is full of double-digit losses. A market that has recently appeared as a one-way bet has dropped significantly earlier after cryptocurrency acolyte Elon Musk reversed his recent decision to accept Bitcoin as payment for Tesla cars, citing environmental concerns. Tesla earns valuable credit for its cars that exceed emissions and fuel economy standards, and it’s a moot point if Tesla’s boss should have considered the company’s emissions ethics before buying $ 1.5 billion BTC earlier this year. Another musk favorite, Dogecoin (DOGE), is down 20% today.

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The daily BTC chart is now reversing its recent bullish sentiment. Today’s sell-off low is just over $ 46,000, the lowest pressure in 10 weeks. Today’s reversal also breaks the four sell-off / rally patterns of the year, suggesting that a rally to the all-time high of $ 65,000 is becoming increasingly unlikely in the short to medium term.

Bitcoin (BTC / USD) daily price chart

Bitcoin (BTC) and Ethereum (ETH) crushed, DogeCoin (DOGE) sinks 20% as Tesla stops Bitcoin payments

ether, the market treasure of recent times, is also under strong selling pressure, but continues to outperform the benchmark Bitcoin. The Ethereum / Bitcoin spread has risen from a multi-month low of 300 on March 24th to a current level of 756, underscoring the outperformance of Ethereum. Bitcoin’s market capitalization dominance has now dropped from 70% at the start of the year to 42%, while Ethereum’s market dominance is close to 20%.

Ethereum’s bull run has also stopped, and it remains to be seen whether this is just a short-term move or the start of a lengthy period of consolidation. Leveraged accounts in major cryptocurrencies will be on the sidelines as the recent purchase may have turned around any price sentiment and further losses lie ahead.

Daily price chart for Ethereum (ETH / USD)

Bitcoin (BTC) and Ethereum (ETH) crushed, DogeCoin (DOGE) sinks 20% as Tesla stops Bitcoin payments

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What do you think about it? Bitcoin (BTC), Ethereum (ETH) and the Alt-Coin-Market – bullish or bearish? You can let us know using the form at the end of this article or contact the author via Twitter @ nickcawley1.

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