Crypto: Why is the market (still!) in the red?

Crypto: Why is the market (still!) in the red?


Tuesday March 19, 2024 ▪
min reading ▪ by
Micaiah A.

The volatility storm hits Bitcoin and its fellow cryptocurrencies again, with a significant 8% regression in the TOTALCAP, as reported by CoinGecko. A setback that shakes the universe of digital assets.

Cryptocurrency crash: markets in crisis

Recent headlines touting the heights reached by Bitcoin and Ethereum do not hide the sudden corrections suffered by these cryptocurrencies. Bitcoin, after its triumphant step above $70,000, has fallen again, falling below $65,000. Meanwhile, Ethereum, the flagship of cryptocurrencies, surprises with its persistent immersion, suggesting an even steeper decline to some informed observers. The saga continues.

The total market capitalization of cryptocurrencies is down 8.4% today.
Are you buying the dip?

In just six days, cryptocurrency markets have experienced a financial earthquake, lose a colossal sum of 230 billion dollars in market capitalization. The reasons for this precipitous fall are multiple and worrying, reports Street FX.

The collapse is symptomatic of several alarming factors. On the weekly chart, Bitcoin has drawn a bearish failure pattern (SFP), crossing the crucial threshold of $69,000. This warning signal urges investors to be cautious, reinforcing the climate of uncertainty.

BTC momentum is slowing, fueling speculation about the reasons for this sudden drop. TO declining buying pressure has led market participants to pocket their profits, leading to a spectacular drop in total cryptocurrency market capitalizationnow estimated at $2.66 trillion.

The figures are unequivocal: in the last four days, Bitcoin price has fallen almost 10%causing massive liquidations of 400 million dollars in just 24 hours. Long positions in BTC, ETH and Solana have been decimated, consuming millions of dollars in an instant.

BitMEX Incident: A Barrage on Crypto Markets

In the already tense environment of the markets, a recent event on the BitMEX derivatives exchange has sown more doubts. A mysterious entity downloaded more than 400 BTC in an instant on the BitMEX BTC/USDT spot marketcausing the The price of Bitcoin will plummet to $8,900..

BitMEX has launched an internal investigation, temporarily freezing withdrawals from certain accounts to shed light on the situation. The exchange ensures that its trading platform works as usual and that all funds are safe.

This incident revives Concerns Over Impact of Bitcoin ETFs on Cryptocurrency Network. Arthur Hayes, the former CEO, doubts that a Bitcoin ETF could “completely destroy” Bitcoin, as a high concentration of supply could discourage miners, thus threatening the integrity of the network and the very survival of the cryptocurrency .

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In this climate of increasing uncertainty, investors must remain vigilant in the face of rapid changes in crypto markets.

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Mikaia A. avatarMikaia A. avatar

Micaiah A.

The blockchain and crypto revolution is underway! And on the day the impacts are felt in the most vulnerable economy in this world, against all hope, I will say that I had something to do with it.


The views, thoughts and opinions expressed in this article are solely those of the author and should not be taken as investment advice. Do your own research before making any investment decisions.


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