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oi-Roshni Agarwal

| Published: Sunday, June 20, 2021, 9:39 pm [IST]

Bitcoin prices have fallen 4.54% in the past 24 hours and at the time this copy was made, Bitcoin was trading at $ 34,532. Altcoins like Ethereum, Dogecoin and Ripple also traded lower on the blockchain news agency Coindesk.

Bitcoin and other altcoins are falling again this weekend: Here's why

Bitcoin and other altcoins are falling again this weekend: Here’s why

Among the top assets listed on Coindesk, the digital currency EOS saw the greatest resistance of over 7 percent, while two coins traded in the green, USD Coin – a stablecoin pegged to the US dollar, and the other is Yearn Finance.

The decline in the leading cryptocurrency by both market capitalization and volume is due to traders in the crypto market fearing the likelihood of a “death cross” over the weekend. The Death Cross is a technical chart pattern that indicates the potential for a big sell-off. This pattern appears on a chart when the short-term moving average of a stock, or here Bitcoin (50DMA), crosses below its long-term moving average (200-DMA).

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First publication of the story: Sunday, June 20, 2021, 9:39 pm [IST]