Why is Bitcoin dropping and why are Ethereum, altcoins taking BTC’s lead?

sank below $60,000 during U.S. trading hours Tuesday, extending a string of losses in what has been one of the worst months for the cryptocurrency market in recent memory.As of this writing, it was hovering over $58,000, down 16% from its all-time high recorded in March.More than $36o million worth of positions were liquidated in the last 24 hours, with longs accounting for 85% of the total, AMBCrypto noted using Coinglass’ data.

“Bitcoin was retesting the crucial support zone of $58,000-$60,000. This zone holds significant importance for the short-term prospects of altcoins. If it is lost, altcoins could potentially suffer further downsides.”Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance.

Source: News Formal (newsformal.com)

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