Advertise
CoinTrust
BTC
ETH
BCH
SOL
DOGE
SHIB
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos
No Result
View All Result
CoinTrust
No Result
View All Result

Home » Bitcoin Rebounds to $50K, But Altcoins Record Double-Digit Losses

Bitcoin Rebounds to $50K, But Altcoins Record Double-Digit Losses

Kelly Cromley by Kelly Cromley
Feb 24, 2021
in Bitcoin News, Market News, News
Reading Time: 3 mins read
0

Bitcoin (BTC) got smashed by another round of sell off in the crypto market on February 23. After declining to below $45,000 Bitcoin has regained only a portion of the lost ground.

At the time of writing this article, Bitcoin was trading at $50,768, reflecting a gain of about 0.75% in the last 24 hours. Notably, Bitcoin needs to stay above the psychological level of $50,000 for continuation of the recent uptrend.

Currently, most altcoins and DeFi based crypto tokens are trading at heavy losses, with decline of more than 90% of their valuation in the last 48 hours. Meanwhile, Bitcoin has shed nearly $10,000 in value over the last two days.

However, analysts believe that experienced professional traders are eyeing to buy the decline and have thus raised their respective long positions which are usually leveraged.

While the recent market crash has slightly marred a few other advancements in the cryptocurrency landscape such as stories of Bitfinex and Tether settling their lawsuit slapped by the New York Attorney General’s Office and decided to pay $18.5 million in fines to the state of New York. The two parties accepted to regularly submit reports related to their reserves.

Attraction towards the initial Bitcoin based exchange-traded fund in North America has grown steadily since the Purpose Bitcoin ETF has risen into a $564 million fund in a matter of five trading days demonstrates that investors want to find and profit from this growing technology.

The filing also shows that 2,251 BTC has been assigned to the fund on February 23rd. Despite the mayhem the market has witnessed over the past few weeks, many crypto traders and professional investors regard the recent downturn as an appropriate remedial event that enable overbought cryptos to retest crucial support levels.

As cited by crypto enthusiast, who uses Twitter handle “Bitcoin Archive,” price declines of these kinds are natural and regular occurrence during the sharp rally in 2017. At that time the market recorded “9 dips between 20–40%”. In spite of these frequent sharp price corrections, the market still rallied by “20 times from its earlier all-time peak.

To sum up, Bitcoin Archive explained the link it has with the current scenario and the trend of Bitcoin:

*CORRECTIONS ARE NORMAL*

The last BullMarket had:

– 9 dips between 20-40%
– GAINS: $1k to $20k in 2017
– That’s 20x the previous ATH

We are now sitting on 2.35x the previous cycle ATH OF 20k

*WE ARE JUST GETTING STARTED*#HODL #BTC #Bitcoin pic.twitter.com/ucxT4VWMEv

— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 23, 2021


Even traditional marked were not spared yesterday, but managed to reverse into green soon after the US Fed Chair Jerome Powell reconfirmed that the central bank will keep the prevailing loose monetary policies unaltered, implying that the benchmark rates will be maintained near zero and continuation of asset purchases at $120 billion per month.

At the end of the trading day, Nasdaq was down 0.50%. However, the S&P 500 and Dow Jones Industrial Average had gained 0.13% and 0.50%, respectively. Bitcoin’s decline of $13,000 in the last 48 hours has also dragged the altcoin market downwards. Almost all the top notch decentralized finance (DeFi) tokens were hit hard.

Interestingly, Crypto.com Coin (CRO) recorded a 33% retracement. However, Venus (XVS) DeFi covenant, hosted on Binance Chain, recorded price decline of 24% to trade at $58.63.

A handful of ventures were able to defy the downtrend and ended with gains on February 23. The uptrend was aided by announcements related to blockchain interoperability-related ventures that boosted crypto tokens centered on layer-two and cross-chain dealings.

Solana (SOL) gained 11.23% to hit $14.94 following the roll out of its automated market maker covenant Raydium. The price of Fantom (FTM) token also gained 24% after the core team revealed partnership with Yearn.finance and the introduction of a cross-chain bridge focused on Ethereum network. The total cryptocurrency market cap currently stands at $1.44 trillion, with Bitcoin’s dominance rate hovering around 62%.

Previous Post

Bitcoin Drops to $45K as Analysts Sense Typical Deep Decline

Next Post

Square Makes Another Investment in Bitcoin, Taking Aggregate investment to $220mln

Related Posts

chainbase

Chainbase Launches Token C to Power Decentralized Data Access

by Kelly Cromley
Jul 14, 2025
0

Chainbase, the entity behind the Hyperdata Network, has formally introduced its native token, known as C, in a move that...

artgis partners with hashepoch

ArtGis and HashEpoch Unite to Revolutionize Web3 Sports Finance

by Kelly Cromley
Jul 14, 2025
0

ArtGis Finance and HashEpoch have entered into a strategic collaboration, signaling a significant step forward in the integration of digital...

Binance Offers $250,000 For Information Leading To Arrest Of Hackers

Binance Launches Sharia-Compliant Crypto Staking Service

by Kelly Cromley
Jul 14, 2025
0

Binance has unveiled a new investment solution tailored to meet the principles of Islamic finance, aiming to serve a growing...

AEON

AEON Pay Expands into Nigeria with Seamless Crypto Payments

by Kelly Cromley
Jul 14, 2025
0

AEON, a Web3-focused cryptocurrency payment infrastructure, has officially extended its mobile payment service, AEON Pay, into the Nigerian market. This...

filecoin partners with theoriq

Filecoin Teams Up with Theoriq to Boost Web3 AI Agents

by Kelly Cromley
Jul 14, 2025
0

A new collaboration between Filecoin and Theoriq is set to reshape how users interact with Web3 infrastructure. Filecoin, recognized for...

Caffeine AI

Caffeine Empowers Web3 App Creation Through Natural Language

by Kelly Cromley
Jul 14, 2025
0

Caffeine, an innovative platform built on the Internet Computer (ICP) blockchain, is reshaping the landscape of decentralized application (dApp) development...

Next Post
Square Makes Another Investment in Bitcoin, Taking Aggregate investment to $220mln

Square Makes Another Investment in Bitcoin, Taking Aggregate investment to $220mln

  • Collé Ai

    Collé: Pioneering AI Web3 Platform Receives Investment Boost from BlackRock

    by Kelly Cromley
    May 13, 2024
  • Router Protocol and OpenWorldSwap Partnership to Revolutionize DEX Market

    by Kelly Cromley
    Aug 6, 2024
  • Hyper Foundation Launched to Boost Hyperliquid Blockchain Development

    by Kelly Cromley
    Oct 15, 2024
  • Central Bank of Saudi Arabia Teams Up with Ripple to Transform Cross-Border Settlements

    by Kelly Cromley
    Aug 17, 2023
  • GameStop’s Digital Transformation: Embracing Blockchain and NFTs

    by Kelly Cromley
    Feb 2, 2025

Recent News

chainbase
Market News

Chainbase Launches Token C to Power Decentralized Data Access

by Kelly Cromley
Jul 14, 2025
artgis partners with hashepoch
Market News

ArtGis and HashEpoch Unite to Revolutionize Web3 Sports Finance

by Kelly Cromley
Jul 14, 2025
Binance Offers $250,000 For Information Leading To Arrest Of Hackers
Market News

Binance Launches Sharia-Compliant Crypto Staking Service

by Kelly Cromley
Jul 14, 2025
AEON
Market News

AEON Pay Expands into Nigeria with Seamless Crypto Payments

by Kelly Cromley
Jul 14, 2025
filecoin partners with theoriq
Market News

Filecoin Teams Up with Theoriq to Boost Web3 AI Agents

by Kelly Cromley
Jul 14, 2025

Categories

  • Altcoin News
  • Analysis News
  • Binance Coin News
  • Bitcoin News
  • Blog
  • Cardano News
  • Ethereum News
  • ICO News
  • Legislation News
  • Market Forecasts
  • Market News
  • News
  • Ripple News
  • Solana News
  • Tether News
Trustpilot

Cointrust

  • About Us
  • Contact Us
  • Correction Request
  • Our Team

Legal

  • Disclaimer
  • Terms & Conditions
  • Privacy Policy
  • Cookie Policy

Popular

  • ICO Listings
  • Knowledge Base
  • All about Mining
  • Cryptocurrency Exchanges
  • How and Where to buy Cryptocurrency

Sitemap

  • News section
  • Sitemap
  • XML Sitemap

© 2024 CoinTrust.com.

CoinTrustCoinTrust

* DISCLAIMER: All information provided in CoinTrust is merely for informational purposes, we are not an investment advisor and not affiliated with any companies or ICO/Cryptocurrency Projects. To use this website you must accept our cookie policy, Disclaimer and Privacy Policies.

No Result
View All Result
  • News
  • Bitcoin
  • Ethereum
  • Altcoin
  • Market Cap
  • Learn
    • Buying Crypto
    • Crypto Mining
    • Crypto Exchanges
    • Knowledge
  • Crypto Casinos
    • Bitcoin Casinos
    • New Crypto Casinos
    • No KYC Crypto Casinos
    • Anonymous Crypto Casinos
    • VPN Friendly Crypto Casinos
    • Bitcoin Poker
    • Crypto Poker
    • Bitcoin Bingo
    • USDT Casinos
    • Offshore Online Casinos
    • Bitcoin Betting Sites
    • Crypto Sports Betting
    • Reddit’s Best Bitcoin and Crypto Casinos

© 2024 CoinTrust.com.

We use cookies to ensure that we give you the best experience on our website.
If you continue to use this site you agree to allow us to use cookies, in accordance with our Cookie Policy.
I Agree