Cryptocurrency markets fall as European trading hours begin

The swing hit a three-week low of $21,400 at that point, which was for the market leader.

Cryptocurrency markets fall as European trading hours begin
Relative Strength Index (RSI) fell to a record low of 38.53, not seen since July 12.

The overall market capitalisation of all cryptocurrencies dropped substantially during the opening of European trading hours, falling 3% to a low of $1.049 trillion, as reported by Cryptoslate.

Bitcoin lost $22,000 as a result of its 6% negative decline. 

The swing hit a three-week low of $21,400 at that point, which was for the market leader. Following a modest rally, the price of BTC momentarily increased to $22,000, Cryptoslate noted.

Relative Strength Index (RSI) fell to a record low of 38.53, not seen since July 12. As of this writing, there is increasing sell pressure, and a retest of the $21,400 support level appears impending.

Since nothing fundamentally new has happened at this time, it is difficult to determine what caused the decline.

(With insights from Cryptoslate)

Also Read: Ripple’s CTO and Ethereum co-founder Vitalik Buterin engage in a Twitter battle over XRP

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