The initial price dump of Bitcoin on May 18th that sent the price under $43,000 was pushed further down on the 19th of May with $110 billion worth of trading volume causing the world’s most prominent cryptocurrency to crash under $30,000, according to data from Cointelegraph and TradingView.
The downturn of the market caused a few of the major cryptocurrencies to spiral down as well as the prices of the vast majority of altcoins, including Ethereum which dipped to $1,900, and Dogecoin that plunged to $0.236.
Leverage traders were severely affected by the sell-off, especially by the sharp $8,000 decline in Bitcoin. Over 10,000 Bitcoins were liquidated in one hour at the height of the market downturn.
While the majority of the leveraged traders were wiped out, some of the larger traders and stable whales with highly liquid securities seized the opportunity and bought plenty of Bitcoin during the dip. About 16,895 Bitcoins were purchased by whales in a short span of 10 minutes on May 19.
As far as Bitcoin is concerned, $33,000 was considered the new major support level for the crypto by a team at Whalemap. The previous support of $46,000 is now the resistance level of BTC prices should it bounce higher.
According to the analysis report, Whalemap highlights new support levels for BTC at $37,400 and $34,200. The team pointed out if the prices continue to fall low it could potentially drop to $19,000 unless it holds at $29,000.
As the prominent cryptocurrency Bitcoin continued to dip, so did several altcoins in the market. Some of the larger altcoins including LTC, DOT, and EOS have fallen by 30% in the past few hours. Only CERL and LEO had gained a 3.33% and 5.25% increase, respectively.
On May 20th, however many traders within the US would have checked their phones and laptops and breathed a huge sigh of relief. The market cap of the entire market is now at $1.85 trillion which means that over $500 billion has been pumped back into the markets since yesterday’s incredible lows. Bitcoin even reached $42k again with many traders hoping that the price will not dip much below $40k again for the near future.