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The crypto market is experiencing a sell-off early Tuesday after a historic round of liquidations that triggered a sharp sell-off over the weekend, as trade tensions weighed on risk assets.
The recent sell-off has pulled the combined market value of all cryptocurrencies down by more than $150 billion over a 24-hour period, according to CoinGecko data. In the last 24 hours, $712 million have been liquidated across crypto assets, according to CoinGlass data.
Earlier, about $19 billion of leveraged crypto positions were liquidated following a brutal sell-off on Oct. 10.
The crypto market briefly rebounded to pare losses on Monday, but most major cryptocurrencies have now resumed their descent.
According to Glassnode: "The market now enters a consolidation phase, one defined by renewed caution, selective risk-taking, and a more measured rebuilding of confidence across both spot and derivatives markets."
Cardano's dead cat bounce eyes $0.60
Most major cryptocurrencies rebounded from steep losses suffered over a brutal weekend sell-off, including Cardano.
Cardano fell to a low of $0.61 on Oct. 11 in a three-day drop before rebounding. Cardano bounced off this low, rising for two straight days to $0.736 on Oct. 13, which attracted resistance from the bears, rendering Cardano's rise effectively a dead cat bounce.
While lower levels attracted strong buying by the bulls, sellers posed a strong challenge at $0.736, suggesting that bears might still be in control.
If selling continues, Cardano could drop to $0.60 and then $0.50. This negative view will be invalidated in the near term if the Cardano price reverses higher and breaks above the daily moving averages of 200 and 50 at $0.833 and $0.741.
At press time, Cardano was trading down 5.26% in the last 24 hours at $0.67 and down 21% weekly.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team