Crypto market is crashing, with Bitcoin tumbling below $50,000

Cryptocurrency prices become stable as bullish investors deny to sell their assets

For the first time in 2021, global market behavior has begun to weigh heavily on the question of whether or not cryptocurrencies are a store of value.

While past events have in most cases taught everyone to panic in times of uncertainty, a large portion of cryptocurrency owners and traders have refused to sell their assets in the past 4 days because of the new regulatory measures and constraints on constant growth from the imposed market. from many governments around the world.

While that’s not much, Bitcoin is only down 2% overnight thanks to incentives from optimistic investors who believe that large green spaces will go live soon from July.

Also Read: SEC to look into the breach of securities law in Tether and Binance cryptocurrency transactions

At the time of going to press, a BTC was trading at $38,944, according to Glassnode, just below the roughly $40,000 mark considered important by most chart watchers.

The story was similar in lower case, with coins like Ethereum, Binance Coin, and LTC taking a hit or two in the past 24 hours.

As of this writing, Ethereum is down 3% to $2,403, LTC is down 1.4% to $172.9, and Doge is down 1.6% to $0.31.

The fourth-largest cryptocurrency by market cap, Binance Coin was trading at $363.2, a slight rally from last week’s surging lows. Cardano recently broke trendline resistance of a descending wedge pattern and rebounded a few levels to $1.54 after falling 1.9% on Wednesday night.

Polkadot, the ninth-largest cryptocurrency by market cap, is perhaps its best performance in the past two weeks, despite falling 1% to $23.9 at press time.

Many analysts predicted this move earlier this week based on tons of positive news in the crypto space as more positive news is fatal for short-term investors in a volatile market.

However, this week’s bull and bear market for Bitcoin is showing positive signs of a strong Friday night closing price that the crypto streets have been eagerly awaiting.

Share via
Copy link