SHIB, AVAX, LUNA Record Double-Digit Losses as Bitcoin Slides to $47K

crypto

The crypto market is under intense pressure again

An ongoing cryptocurrency market sell-off has sent the price of Bitcoin (BTC) to an intraday low of $47,400 on the Bitstamp exchange, which is the flagship cryptocurrency’s lowest price point since Dec. 21.

Altcoins have not been spared the bears, with Shiba Inu (SHIB), Avalanche (AVAX) and Terra (LUNA) losing more than 10% in the past 24 hours, according to data from CoinMarketCap.

Excluding stablecoins, SushiSwap (SUSHI), UNUS SED LEO (LEO), ICON (ICX) and IOTA (MIOTA) are the only coins in the green within the top 100. Kadena (KDA) is down 17%, becoming the top laggard. 

Bitcoin bulls tried to start the week on a high note, trying to recover from the $ 52,000 level on Monday. However, the attempt failed, with the benchmark cryptocurrency retreating more than 8% from its local peak.

As it often happens with crypto, it’s not immediately clear what triggered the most recent correction.

Earlier today, crypto trader Scott Melker pointed out that the highest cryptocurrency is still in the same range after being rejected at resistance.

Earlier today, the S&P 500 logged its 70th all-time high of the year.

Renowned day trader Timothy Sykes commented on the growing divergence between crypto and stocks, saying it could be part of a ‘bigger calculation’.

Bullish predictions continue to persist

Ardent crypto bulls seem to be unfazed by the most recent correction that caught many traders off guard.   

Plan B, an anonymous Dutch analyst whose bullish stock-flow pattern has recently become the subject of mockery, continues to predict that it could end up reaching $ 200,000 during the current market cycle.

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