The world’s largest cryptocurrency Bitcoin (BTC) fell sharply and hit a two-month low. Other cryptocurrencies have also seen a hard crash. As the source of this decline, SVB Financial Group closed its bond position with a loss yesterday and the company’s shares fell by 60 percent. Apart from that, the latest speeches of Fed Chairman Jerome Powell seem to have an impact on the market. Today, important data will be announced in the USA. This development is expected to affect the market as well. Here are the details…
Bitcoin is at these levels for the first time in two months
On March 10, Bitcoin dropped below $20,000 for the first time in nearly two months, hitting $19,918. cryptocoin.com As we reported, the hawkish stance of the US Federal Reserve (FED) has affected the crypto market and caused uncertainty among traders and investors. Data providing insight into inflation in the US have been above expectations for a while. This hinders the FED’s efforts to reduce inflation. This causes interest rate hikes.
Also, recent government pressures have further contributed to the decline in the cryptocurrency market, making it difficult for the industry to gain positive momentum. The global cryptocurrency market is experiencing a downturn, with various cryptocurrencies experiencing significant losses. Investor confidence has been weighed down by concerns about impending interest rate hikes and regulatory uncertainty, which has contributed to a global bear market. The value of long positions liquidated in Bitcoin in the last 24 hours was at the level of $309 million. In total, over 94,000 traders were liquidated.
Likewise, many long positions have been liquidated in coins such as Ethereum, Litecoin, Aptos, Filecoin, XRP. Because in addition to Bitcoin, the largest cryptocurrencies such as Ethereum, BNB, XRP, ADA, MATIC, Dogecoin, Solana, Polkadot are also falling. If we look at the top 10 cryptocurrencies by market cap, ADA suffered the least loss, with a 2.6 percent loss. Except for BTC, the coins that declined the most were DOGE and SOL with 8 percent decreases. The mass decline in cryptocurrencies pushed the total market cap of $1.1 trillion to $890 billion.
US data will be released today
It is worth noting that Fed Chairman Jerome Powell’s recent statements have increased market uncertainty. Powell’s hawkish stance on possible interest rate hikes has fueled fears about its potential impact on the cryptocurrency industry. Also, recent regulatory actions against major players like Paxos and Binance, and the SEC’s crackdown on centralized staking have increased the negative mood in the crypto market. This has increased uncertainty around the regulatory environment for cryptocurrencies, which has historically been a contentious issue for the industry.
On the other hand, the strengthening US dollar was another factor putting negative pressure on the cryptocurrency market. Fed Chairman Jerome Powell’s latest statements on a possible rate hike to control inflation dominated market sentiment, while the US currency was supported. As a result, the dollar rose against major currencies. Therefore, the bullish trend in the US dollar has also affected the cryptocurrency market, adding to the recent losses in Bitcoin and other cryptocurrencies.
When the US dollar is strong, investors tend to shift their funds from riskier investments like cryptocurrencies to safe-haven assets. The overall market sentiment is cautious as Powell’s statements create uncertainty among traders and investors. Today, at 16.30 Turkey time, non-farm employment data will be released in the USA. In these data, the expectation is for an increase of 205,000. The unemployment rate will also be announced at 16.30. These developments are expected to deepen the decline in the market or trigger the rise.
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