Bitcoin, like other partners, has wiped about 70 percent of its value from the pen. It fell to its lowest level in about 18 months after the release of withdrawals by the Celsius lending platform was compounded by fears that a system crisis in the crypto ecosystem would accelerate the market meltdown. real estate.
In addition to this, inflation and fear of inflation also plagued investors.
Most crypto signals are in deep red. Bitcoin, Ethereum, BNB and Tron plunge between 10-17 percent. However, an easy recovery was seen in Polkadot and Avalanche after the hard hammer.
The global cryptocurrency market traded sharply at a record $ 908.51 billion, falling 11 percent in the past 24 hours. However, cryptocurrency trading increased by about 64 percent to $ 153.34 billion.
Take it smart
Bitcoin has risen sharply in the last 24 hours and is trading at $ 21,000 with increasing buying pressure since the weekend, said Edul Patel, CEO and Co-founder of Mudrex. “If the customer decides, Bitcoin could drop to $ 20,000.”
The market has continued after soaring inflation in the US, he added.
“There’s a huge downturn in the crypto markets and the community is under a lot of pressure. Bitcoin and other cryptocurrencies are a little comforting to offer investors.
The bears are in a ruckus mode and there is no crypto refuge now that Bitcoin has a big key, he added. “If it falls below the $ 20,000 mark, things will get better and investors will have to empower themselves for the best price action.”
- Tron’s stablecoin, USDD, lost its peg to the U.S. currency, rising to as low as 91 cents, as crypto markets nosedived by the growth of investors. increasing inflation, stabilizing financial conditions and the possibility of decline.
- Crypto Exchange Crypto.com and the BlockFi funding platform plan to cut a total of 400 transactions, bringing together a list of crypto companies looking to reduce the number of headlines.
- Bank of England Governor Andrew Bailey reiterated his position on cryptocurrencies, saying ‘the stock market has no intrinsic value.’
- Michael Saylor’s MicroStrategy (MSTR) is sitting on an undisclosed loss of more than $ 1 billion in its bitcoin (BTC) holdings as the price of the largest crypto by market at $ 22,900 in trading Monday.
- The world’s largest crypto exchange in the major cryptocurrency market, Binance, has resumed the withdrawal of bitcoin (BTC) after taking a break last Monday, the company said.
Tech View and Giottus Crypto Platform
With the end of the weekend intensifying and the Fed’s announcement of a 40-year-high inflation rate of 8.3 percent, Bitcoin (BTC) has fallen to its lowest level since December 2020. It is currently trading now over $ 20,000, after seeing double losses inside. one day. It is down 70 percent from its peak in November. The market, along with the rest of altcoins, will continue to be affected by the lows of BTC.
After trapezing for weeks of $ 30-32,000, Bitcoin has left the same downward stream that has been built for some time, falling below its critical support level of $ 25,000.
Considering the time periods of the year, the value of BTC has fallen by 80 percent twice – once in 2014 and then in 2018. If this fall were to fall, Bitcoin would likely fall to $ 14,000. Interestingly, these two years are the middle of the Bitcoin halving event as of 2022.
To restore market confidence, BTC needs to restore $ 25,000 psychological resistance before setting to chase the $ 28,000 level – the .618 retracement level. Investors will have to wait for the BTC to establish its bottom before investing in new capital.
Opposition: $ 24,700, $ 25,000, $ 27,000
Support: $ 22,500, $ 20,000
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