All the financial markets, except for gold and silver precious metals, have immediately reacted negatively, with declines of even more than 2%, as well as the Nasdaq technology index.
The subsequent upward reactions that are characterizing these last few hours with evident price fluctuations, make the volatility fly with the VIX index jumped over 6%.
This characteristic will most likely characterize the markets trend, and consequently also the cryptocurrency trend, for the next days and weeks.
Among the first 100 capitalized only one positive sign in countertrend, that of Hyperion (HYN) rising just above the percentage point.
A step backwards that if it should continue until closing for Bitcoin will mark the third consecutive day downward, a condition that has not occurred since the end of June.
Among the Bigs the black jersey is for Chainlinkk (LINK) that falls more than 12% from yesterday’s levels, falling below $9 and canceling half of the increase achieved last week pushing prices to recover the $11. Widening the scenario, the worst falls of the day are blamed by the tokens of the DeFi ecosystem. They sink over 15% for DFI.Money (YFII), UMA, Yearn.Finance (YFI), SushiSwap (SUSHI), Uniswap (UNI), Synthetix Network Token (SNX) and Band Protocol (BAND).
Despite the sharp downturns, decentralized financial projects are falling just under $11 billion. This is due to the collateral that remains blocked as collateral for the various assets. The number of tokenized Bitcoins rose over 137 thousand, recording a new record.
The total volumes jumped more than 30% in the last few hours and are back above $150 billion. The dominance of Bitcoin is strengthened, rising above 58%.
Bitcoin (BTC) is affected by Trump
The descent of the last few hours reports prices to test area 10400 USD, the first of the two short media considered by operators in options. A possible break would project the prices to the test of the next one in area 10,200 USD, a threshold to defend in order not to open up spaces to decrease that would not find resistance until the support of 9,650 USD.
The latter remains the real support to break down in order to reverse the long-term uptrend that began in mid-March. On the uptrend it is necessary to resume 11,100. Any price fluctuation indicated, both upward and downward, will continue to cage prices within the side channel that has been present since mid-September.
Today’s downturn rejects the quotations to revise to 335 USD, the lowest level in the last eight days. For Ethereum it is necessary not to lengthen the decline beyond 315 USD, support that since the beginning of September has already rejected the breakthrough attempts twice.
This level of support and strikes is considered by option traders to be the real support to be violated to reverse the long term uptrend and where the uptrendline that combines the rising lows of the last seven months passes. Upwardly, the recovery of prices above 390 USD remains decisive.