The cryptocurrency market is in freefall on Sunday night, as digital assets follow King Crypto to double-digit losses.
After opening trading at $60,684.38, Bitcoin saw an evenly matched battle between the bears and the bulls until shortly after 9:30 a.m. EDT, when it fell from $60,800 all the way to $57,303 by 1:30 p.m. EDT. The bulls staged a rally thereafter, pushing the top crypto back over $59,000 by 3:15 p.m., but after a double-top just above $59,400, the bears once again took control of the price action.
But it was when Bitcoin failed to hold support above $57,000 just after 8:15 p.m. that the price went into freefall, sinking like a stone to crash through $53,000 just after 9:00 p.m. EDT.
After a 15-minute battle for control at 53k, bulls staged a moderate rally once again, pushing Bitcoin to the edge of $55,000, but the fight has since returned to key support around 54k at the time of writing, with volume evenly matched between buyers and sellers.
The broader cryptocurrency ecosystem is a sea of red, as would be expected when even Bitcoin loses over 10%. At the time of writing, Ether is down nearly 20%, as is AVAX, and top altcoins have lost between 10% and 20% across the board.
