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The cryptocurrency market has lost more than $ 10 billion since yesterday

The cryptocurrency market has lost more than $ 10 billion since yesterday The market capitalization of the cryptocurrency market has lost $ 10 billion since yesterday, and continues to fall, as most coins with a high market capitalization are trading in the red. Bitcoin tested again yesterday the level of $11,000, and then fell to $ 10,750. Today, the asset continued to fall, and has already lost more than 2% of its value.Yesterday, the price of bitcoin rose to $11,100, and then bounced back by $9,600. This is the most significant decline in recent days, and it began yesterday.Since yesterday, the market capitalization of the cryptocurrency market has been steadily losing value. This is because most of the leading altcoins are trading in a red, indicating that profit-taking has driven most of the capital out of the market.Most coins with a large market capitalization have fallen more than 2% in the past few days. Ethereum dropped to $160, but quickly recovered to $186, Binance Coin dropped to $130, and Bitfinex dropped to $54, to the latter's low of $254 at the time of writing.According toBitfinex, this is not the first time that the exchange has experienced a drop this steep. In fact, the company was able to return to the top 10 shortly after the announcement of the Swell 2020 conference.Binance is down more than 2%, but the rest of the market is not far behind. Ethereum is down more than 6%, and BNB is down more than 7%. However, most of the top 10 are back on track. The top coin is Bitcoin, which has fallen to $11,580, and Ethereum is down more than 2%.However, the situation is different this time, the market is much smaller, and the losses are more pronounced. According to traders: this drop is much more pronounced because the market cap is moving lower. the funds are being used to support long positions.The sharp pullback of bitcoin overnight has undoubtedly put pressure on the open interest of institutional investors. However, there is also another reason behind this decline, and that is the close attention of whales.Since their highs, the market has been behaving quite aggressively. If you look at the graph of the Elliott wave indicator, you will see that the price action changed very quickly from buying to selling. This is a very important indicator because it shows where the market is at. The sell-off occurred when the price of bitcoin fell below the long-term moving average (MA). below this line, and the bulls were able to flip the coin. Traders close their long positions when the wave indicator hits this level.Above the sell-off, the range is between 0.15-0.22 thousands of dollars. This is the closest support, and above this level, the bull market should begin. As mentioned earlier, if the bullish momentum