Crypto Update: Consolidation Ends With a Bang

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The extended period of low volatility and light trading activity ended today in Asian trading in the cryptocurrency segment. In line with the long-term trends, the major coins fell below key short-term support levels in a concerted fashion, as yesterday’s crash in stock markets spread to Asia, leading to liquidations across asset classes. Given the long consolidation, lots of energy built up in the market that could lead to an outsized move in the coming weeks.

The selloff hit all of the top and small-cap coins, with 5-10% losses across the board and with no significant bounce so far. Traders and investors still shouldn’t enter positions here, even as the bear market lows are still holding up in most cases,


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