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.
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.