Why Bitcoin Price Drops to $60 Thousand Before Halving, How Much Can Bitcoin Drop?
Crypto market suffered losses Market value: $430 billion Iran-Israel tension is gradually intensifying. Amid panic selling, the global crypto market cap increased by 20%, falling from $2.64 trillion to $2.21 trillion. Market reaction Monday it will be that important Sudden accident shakes confidence.
What happened between Iran and Israel? Iran is threatening to retaliate with its first drone strikes on Israel after Syria claimed officials, including top generals, were killed in an airstrike on the Iranian consulate in Damascus. Israel neither confirmed nor denied its role in the attack.
The week was a bad week for the crypto market, spurring negative sentiment, but some remain calm due to the expected correction ahead of the Bitcoin halving, similar to past halving events. BTC price falls even lower $60,660 However, it rose to the $64,300 resistance level within a few hours. BTC price is currently trading at $64 thousand.
Rect Capital It suggests that the current Bitcoin cycle has accelerated compared to previous ones. “Pre-halving all-time highs are a clear sign of this. “But this current pullback and sideways movement in the Reaccumulation Range is exactly what is needed to slow down and slow down the cycle.” He added that these pullbacks and periods of consolidation are there to bring this current cycle closer to resynchronization with historical cycles.
ETH price dropped another 9%, pushing the price below $3,000. This caused the declines of SOL, XRP, ADA, DOGE, SHIB and other altcoins to increase by up to 20-50%.
Analyst as ETHBTC falls to 0.46 levels in 2021 Benjamin Cowen He predicts that ETH/BTC could bottom this summer. In the last cycle, ETHBTC bottomed after the first rate cut after breaking the support, and “it fell continuously for 2 months, then bottomed out.”
During whales are buying Considering the opportunity to buy the dip, there is a huge risk in the DeFi market. Curve founder as CRV falls to $0.42 Michael Egorov facing liquidation of credit positions. Michael committed a total of 371 million CRV (approximately $156 million) through 5 addresses on 6 lending platforms to borrow $92.54 million in stablecoins. Currently the health rate has dropped to around 1.1 and there is a risk of liquidation.
coin glass data shows: $2 billion liquidated This is in the crypto market amidst strong panic selling. Of these, approximately $1.5 billion in long positions have been liquidated since Friday, and approximately $500 million in short positions have also been liquidated. On Saturday, the crypto market witnessed another liquidation of $950 billion.
More than 252,000 investors were liquidated in the past 24 hours, with the largest single liquidation order occurring on crypto exchange Binance when someone sold $1,000 worth of BTC. $8.46 million.
parofix reported on the crypto market crash in detail, including how it started, other reasons for the correction, and experts’ predictions on how far Bitcoin could fall before it starts to rebound. Traders and investors need to be cautious before the latest data on the US dollar index (DXY) and the US 10-year Treasury yield arrive. CME Bitcoin futures contracts will open today at 5pm CT, providing further guidance on the direction of the market.
Read more: Crypto Market Crash – Here’s Why Bitcoin, ETH, SOL, XRP and SHIB Are Dropping Sharply
✓ Share:
Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
#Bitcoin #Price #Drops #Thousand #Halving #Bitcoin #Drop