Tuesday, February 23, 2021

Bleeding in the crypto market, bitcoin torn


A huge pour began in the bitcoin market on Monday, with the cryptodevice exchange rate down 17.1 per cent, then today the fall continued to escalate to $ 44,892.6, a fall of 21.8 per cent in two days. Together with today’s fall, bitcoin lost nearly $ 175 billion from its market capitalization, compared to the first time it crossed the $ 1,000 billion total market value of cryptodevice last Friday.

What triggered the fall in bitcoin has been written in more detail here and here. Some of the most important reasons are:

  • On the one hand, the correction has been ripe for some time, as bitcoin has been steadily outnumbered for the past two weeks, the RSI has been essentially above the 70 on the daily chart for weeks, and although the indicator has fallen close to 56 points since the current fall. daily chart, over time, there is still an oversupply.
  • Janet Yellen, the US Treasury Secretary, made negative statements about bitcoin, the former Fed president wrote that bitcoin is not a widely used transaction mechanism and cryptocurrency is an extremely inefficient way to execute transactions because the energy used to execute transactions a staggering amount.
  • In recent months, the proportion of highly leveraged open positions in the cryptocurrency market has risen sharply, with these positions being liquidated one after the other as exchange rates fall, an effect that has also accelerated the fall.

Bitcoin also dragged the entire cryptodevice market with it, with the price of ether, for example, falling to $ 1,355 from its previous peak, which was a minus of 33.7 percent. The exchange rate has been pulled back from its intraday lows, currently falling 13 percent.

The binance coin, the third largest market capitalization, fell 46.6 percent from last Friday’s peak, but the exchange managed to work off some of today’s fall, currently down 13 percent.

Cover image: Dan Kitwood / Getty Images





#Bleeding #crypto #market #bitcoin #torn

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