Bitcoin cryptocurrency market leads to sell-off: A fast and widely selling company has stepped into the cryptocurrency market, piercing bull moves driven by corporate and retail interest alike.
According to CoinMarketCap.com, the global cryptocurrency market has lost 14% in the last 24 hours.
The slowdown was led by Bitcoin, which by value accounts for 60% of the cryptocurrency market. BTC-USD fell 12.5% to $ 48,876.16 on Tuesday in London.
Most major cryptocurrency days were down. ETH-USD was the world’s second largest crypto, down 14.8% at $ 1,600.96. DOGE-USD is a mem crypto that gained popularity in recent weeks for Elon Musk, which was less than 10% at $ 8.
Bitcoin cryptocurrency sell-off began Monday with comments from United States Secretary of the Treasury Janet Yellen. Janet Yellen stated that bitcoin was inefficient as a means of payment and highly speculative.
Analysts tweeted to Elon Musk at the weekend that Bitcoin and Ethereum prices were high. Elon Musk Company Tesla and Bitcoin are increasingly tied together and the latter had a crazy day, down -16.53% at one point before closing down -4.21%.
This is the worst daily performance in this month, senior strategist at Deutsche Bank Jim Reid said, “It is unclear if steps were taken to respond late to Elon Musk’s tweet on Saturday in which he said bitcoin ‘Seems to be high.”
The recession follows a boom in the last few months that has taken the market to a new high. Bitcoin cryptocurrency has risen by over 400% since early October and has recently become a new all-time record above $ 58,000.
Cryptocurrency was driven higher by increased interest from both retail investors and institutions. Tesla of Musk said that earlier this month it had invested $ 1.5 billion in bitcoin, which boosted the asset’s price.
Matty Greenspan, founder of Quantum Economics, said, “For bitcoin, this is definitely not the first major flaw during this cycle, nor is it the most serious”
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We are up about 0% year-over-year, and still a typical bull market trip from the peak will take us back to $ 60,000 per coin.
With the powerful narrative that bitcoin is good for hedge funds and multinational corporate balance sheets that propagate through the mainstream psyche.
It is certainly more likely that this bull has more room to run, even if we are in the short term for some instability. ”
Naeem Aslam said, “In terms of technical analysis, the price of bitcoin is still trading above the 50, 100, and 200-day simple moving average on daily timeframes.