Bitcoin Carnage Continues As BTC Disintegrates To $34K
08 Mayo 2022 - 11:00PM
NEWSBTC
The cryptocurrency market as a whole is once again blanketed in
red, with Bitcoin falling to a multi-month low. Bitcoin’s price has
tanked for four consecutive days, breaching the psychological
support level of $35,000. The probable freefall will drag BTC down
to the $33,000 support level if sellers maintain this decline.
According to CoinGecko, the most popular and largest cryptocurrency
by market capitalization lost 4.5 percent during the past 24 hours,
breaching a crucial support level and posting a daily low of
$34,405. The market capitalization of Bitcoin fell to $657 billion,
CoinMarketCap data show. As of March 28, this number exceeded $900
billion. Suggested Reading | APE Takes A Beating As It Sheds 50% Of
Its Price The price of BTC has crashed for four straight days,
breaking past the psychological support level of $35,000.
(TechnoPixel) ‘Extreme Fear’ For Bitcoin BTC is presently selling
at approximately $34,515, down roughly 10% in the past week and
down 40% year-to-date. The Bitcoin Fear and Greed Index reached a
level of “extreme fear” as a result of a loss of about $6,000 in
just a few days, which inevitably caused a significant shift in
mindset. Rick Bensignor of Bensignor Investment Strategies said in
a note, “Bitcoin’s failure to hold key support has increased the
likelihood of a severe decline.” Bitcoin has mainly followed the
downward trend of equities markets as investors across asset
classes react to indications of future interest rate hikes. In the
past 24 hours, the market for cryptocurrencies as a whole has
fallen by 4.4%. BTC total market cap at $638 billion on the daily
chart | Source: TradingView.com No ‘Counter-Trend’ Indicators Katie
Stockton, managing partner at Fairlead Strategies, wrote in a note,
“Bitcoin currently has no counter-trend indications, but the
equities market appears primed for a comeback next week, which we
hope will carry over to cryptocurrencies.” The majority of
Bitcoin’s loss occurred after the Federal Reserve raised the
Federal Funds interest rate by 0.50 percentage points, which
triggered a stock market selloff and effectively promised two more
0.50 percentage point increases. Institutional investors began
selling Bitcoin exchange-traded funds more than a week ago,
according to a CoinShares report. Prior week Bitcoin outflows
totaled $133 million, the biggest figure since June last year.
Bitcoin is predicted to drop to $30,000. (MoneyWeek) Analyst
Predicts A Drop To $30K Carter Braxton Worth, the founder of Worth
Charting, predicts that Bitcoin’s price will drop by another 13% to
$30,000. As previously indicated, alternative coins are also
suffering, with red dominating virtually all charts. Ethereum leads
this negative trend with a daily decline of 4.5 percent. Binance
Coin has lost a comparable percentage and is currently trading
below $360. Additionally, Avalanche, Cardano, Dogecoin, Ripple,
Solana, Polkadot, NEAR, and Shiba Inu are in the red. Last week,
the head of research at IntoTheBlock, Lucas Outumuro, told Fortune,
“Until the market begins to look past the influence of the Fed’s
quantitative tightening and rate hikes, I believe it impossible for
Bitcoin to develop a broader uptrend.” Suggested Reading |
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45% Featured image Live Science, chart from TradingView.com
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