Here Is Why BTC Weekend Flash Crash May Signal Altcoin Season: Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise)
Bitcoin has retraced to roughly where it was before Federal Reserve Chair Jerome Powell’s dovish remarks on Friday, which briefly sparked a rally in U.S. stocks and cryptocurrencies.
The reversal in BTC price has paused ether’s rally and triggered losses across the broader altcoin market. The CoinDesk 20 (CD 20) Index is down 3% on a 24-hour basis, while the broader CoinDesk 80 (CD 80) index has fallen 3.74% as of writing.
Alex Kuptsikevich, senior analyst at FxPro, noted that liquidity appears to be shifting from bitcoin into altcoins. “Bitcoin is trading at $112,000, having fallen to a low of $110,000—its weakest level since early July. Friday’s surge…
