Billions of dollars have been wiped off cryptocurrencies overnight

Billions of dollars have been wiped off cryptocurrencies in a market-wide crash.

Bitcoin was trading near $US58,000; it earlier tumbled as low as $US56,773. The cryptocurrency has shed more than 10 per cent this week.
Other major cryptocurrencies, including Ethereum, Binance’s BNB, Solana, Cardano and Ripple’s XRP, have also fallen with most of them losing up to 10 per cent of their value.

The overall crypto market fell by more than $200 billion overnight to around $2.6 trillion, having briefly teased $3 trillion during the record-breaking rally last week — with bitcoin hitting a new all-time high of $69,000.

“Strong market-wide selling is going on,” trader and analyst Rekt Capital wrote in his latest Twitter update.

Strong market-wide selling is going on

Undoubtedly, Seller Exhaustion lies ahead

Watch for high sellside volume bars in the short-term

These tend to signal bottoming out after constant selling & precede either a strong bounce or an entire trend reversal#BTC #Bitcoin #Crypto

— Rekt Capital (@rektcapital) November 18, 2021