Blood moon does little to prevent blood in the markets as BTC down 4%, Eth down 6%

21 Jan, 2019
by Ryan Boltman
Price Action
Blood moon does little to prevent blood in the markets as BTC down 4%, Eth down 6%

The markets continue to see red on Monday, even after the recent blood moon which occurred across most of the globe between 20-21 January.

Bitcoin saw a drop of nearly $200 down to $3,580, while ethereum saw roughly $8 skimmed off the price.

Most other altcoins saw red following the BTC price drop over Sunday. Monday remained red with the total market cap hovering just under $120 billion. The $5 billion loss in market cap occured over the same period as the blood moon occured over several parts of the world.

The blood moon, as beautiful as it was, did very little to sway the market cycle which continues to appear bearish. 94% of the top 100 coins remained in red on Monday morning, with the exception of PAY and BCZERO seeing double figure green movements.

Image from Gyazo

BTC appears to have stabilized at around $3,500 and most believe that the bottom has already come and gone with BTC not being able to break below $3,000 over the last few months. Could this be the bottom for BTC?

Also Read: Have we seen Bitcoin bottom? 'Not yet' says Willy Woo

Bloody Monday looks set to keep it's promise this week of producing more red on the markets. 

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