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Bitcoin exchanged hands at around $39,021.77, having shed approximately 7.5% in the past 24 hours. Consequently, the asset is down approximately 20%, 9.7%, and 8.4% in the past 30 days, 14 days, and seven days respectively.
Bitcoin and Ethereum that are leading the cryptocurrency market are plummeting during the past 24 hours. Thereby hitting new lows in the past three months. As predicted by Glassnode in its weekly on-chain report, bears seem to have an upper hand over the bulls in the crypto market.
“Bitcoin bears certainly have the upper hand, however modest bullish divergences are appearing across a number of on-chain metrics and indicators. Coupled with elevated future open interest, and a bias that appears to be a short heavy market, risk of deleveraging to the upside remains on the table,” Glassnode indicated.
Bitcoin broke below a major support level that was set last year around September. Should the bear market sustain over the weekend and the weeks ahead, then the asset could drop further to levels around $30k. Thereby confirming the stalemate that has been in the past weeks between bulls and bears.
According to market data provided by CoinGecko, Bitcoin exchanged hands at around $39,021.77, having shed approximately 7.5% in the past 24 hours. Consequently, the asset is down approximately 20.6%, 9.7%, and 8.4% in the past 30 days, 14 days, and seven days respectively. Bitcoin is now 43% below its all-time high, around $69k that was set in November.
According to most on-chain trackers, the Bitcoin fear and greed index is at extreme fear. Indicating an imminent sell-off from most short-term investors. However, for long-term investors, it is an opportunity to purchase and accumulate more coins during the dip.
Bitcoin and Altcoin Market Adoption
The crypto industry is morphing to a different market than it was a few years ago. Moreover, more regulations have come into play in the past few years. As more countries, especially superpowers, swing into action, analysts predict a sustained bear market until most countries resolve their stance on crypto adoption.
However, from a technical standpoint, Bitcoin US dollar derivatives on a weekly chart still hold higher-highs and yet to confirm if it will break the lows. Thereby crypto bulls could take over, should the asset find support above $30k.
Geopolitical tensions, especially between superpowers, have been affecting the Bitcoin mining industry. Recently, the Bank of Russia proposed plans to ban proof of work within its jurisdiction. With Russia holding top positions as a Bitcoin mining country, the hashrate is expected to drop significantly, which could entirely affect the crypto market.
The total crypto market capitalization stands at around $1.92 trillion having dropped approximately 7.1% in the past 24 hours.