On the eve, the cryptocurrency market experienced another shock drop.
On some trading floors, bitcoin (BTC) even tested values below $ 43,000 for a short time. Then the coin was able to bounce and pull up the largest altcoins.
On the night of Thursday, September 9, the BTC rate is holding around $ 46,400. Bitcoin's capitalization has dropped to $ 872 billion.
At the end of last week, analysts at JPMorgan Bank pointed to the first alarming signals. They prepared a note in which they warned investors about the market overheating due to a sharp increase in the share of altcoins from 22% to 33%.
Galaxy Digital CEO Mike Novogratz commented on the fall in the value of BTC. He said the pullback was inevitable as the market rallied steadily over the past eight weeks.
We are in an overbought phase, the billionaire emphasized. At the same time, he noted that a healthy correction is needed to bring balance back to the cryptosphere. Experienced players expected a trend change and changed tactics in time to incur the least losses.