Cryptocurrency markets have experienced one of the hardest declines in recent times. With this decline, Bitcoin has regressed to its levels in 2020. The situation with altcoins is no different.
Cryptocurrency markets are experiencing a “black Monday”. In all cryptocurrencies, especially Bitcoin There are huge falls. The total volume of the markets is halfway to a few months ago in a regressed state. Let’s take a closer look at the drop that has taken root for crypto money investors.
In fact, the cryptocurrency markets have been shaky for a while. Bitcoin, which is in a fluctuating process, altcoins was also crushing. Now, it seems that a new turn has been entered in the markets. Because Bitcoin is trading at 25 thousand dollars as of the time of writing this article, which means; As of now, investors are back to the point in 2020. bitcoin, latest at the end of 2020 had seen these levels.
Technical analysis and charts are futile
*Bitcoin 1-day price chart. Source: Coinmarketcap
A serious portion of Bitcoin traders use graphical interpretation. from technical analysis they were taking advantage of. There was a general perception of support according to the charts. This support was the band of 29 thousand dollars. In fact, those who relied on technical analysis were right. When the Bitcoin price fell below the $29,000 levels, it reacted and bounced back up. But this time nothing like that happened. Almost all analyzes performed to date in vain.
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Bitcoin has lost more than 8 percent in the last 24 hours, in altcoins made a greater impact. Ethereum lost around 8.5 percent to $1,320, Binance Coin to $237, Cardano (ADA) down 10 percent to $0.45, and Solana, which lost more than 12 percent. for $28 as much as it declined. Same with Dogecoin and Shiba Inu.
The reason for the decline is not known exactly: However, there are some doubts
It is not possible to say the reason for the decline in the crypto money markets. While some point to the inflation figures in the USA, others think that the attack on the Celcius Network triggered the decline. Celcius, one of the largest loan providers in the crypto money world, announced that it has taken a new decision to stop withdrawals, transfers and exchanges. This caused the institution’s cryptocurrency to depreciate by around 50 percent. Some industry sources state that this is thought to be a second LUNA case, which turns the markets into a bloodbath.
Whatever the reason for the drop, crypto markets trust has dwindled possible to say. So much so that the overall size of the markets had increased to 3 trillion dollars in the last months of 2021. Now, according to Coinmarketcap, the total money in the cryptocurrency markets is 1 trillion 28 billion dollars…
This content is not investment advice.