Crypto prices fall for the seventh consecutive day

Experts are urging investors to be cautious about the crypto prices and the potential for sharp dips.

Cryptocurrency

CryptocurrencyCryptocurrency prices have been experiencing a sharp dip for the last seven days. The top cryptocurrencies have also experienced a decline of over 10%. According to Coinmarketcap, Ethereum dropped by 20.20%, Dogecoin by 21.71%, Litecoin by 18.78%, and  Bitcoin by 16.85%. 

The first whistleblower to warn investors was Fred Eshrsam, co-founder of the world’s largest Cryptocurrency exchange, Coinbase. He dropped a price warning about the oncoming “death cross”, where the short-term average price of the stock drops below the long-term average.  This is usually done by comparing 50-day and 200 day averages of the fall. 

The Big Short fame, Micheal Burry also said that “Mother of all crashes is coming for Cryptocurrency & Meme stocks”.

Plan B, a Dutch Institutional Investor with a legal and quantitative background, also took this to Twitter. He tweeted about the death cross, to which some others replied saying that this isn’t the first time the industry is experiencing this situation as it had already seen 6 such death cross patterns in bitcoin’s list. 

Bitcoin witnessed a sharp decline over the week from $46,420.14 on June 15 to $35,698.30 on June 20. But what becomes a matter of worry is that 50% among the top Cryptocurrency have dropped down which were registered between April-May.

“For aggressive buyers any break of 30k should come down to 20-25k. That point could be beneficial to buy the best cryptocurrency stocks for a sharp bounce in future”, said  the founder of Newton Advisors, Mark Newton.