What’s happening in the crypto market?

What’s happening in the crypto market?
What’s happening in the crypto market?

IMPORTANT POINTS:

  • Bitcoin is facing strong selling pressure, but not from retail or institutional investors.
  • At the moment, BTC has accumulated a loss of more than 5% in the last 24 hours to trade just below $57,000.
  • One of the three bearish factors is the massive token sales by the German government.

Just three days ago, from Bitfinanzas We published an article where we anticipated that a “black Swan” could cause a fall of Bitcoin.

The market began to realize the danger that represents (in the short term) the return of $9 billion in BTC by the broken exchange Mt. Gox towards affected customers.

Selling pressure It was logicalas users had purchased their coins 10 years ago, when Bitcoin was worth only $600.

Added to this is the enormous amount of BTC that is moving the German Government to get rid of their cryptocurrencies. It is estimated that there are around $800 million in tokens.

In parallel, there is a certain economic uncertainty in the United Statesbecause inflation is falling but not at the expected pace and it is believed that there will be no interest rate cuts this year.

The current situation of Bitcoin

The three problems mentioned above caused Bitcoin to reach its lowest price in almost five months.

According to CoinMarketCap, Bitcoin registered a drop of more than 5% in the last 24 hours to trade at 56.900 USDaccumulating a weekly loss of 7.6% and a monthly loss of 17.4%.

The sharp drop, which led to nearly $300 million in liquidations, alerted investors on Thursday morning.

The drop below the USD $60,000 resistance line is significant as it marks a psychological barrier for many investors.“said one crypto analyst.

In the next week, I expect Bitcoin to continue to experience volatility as the market digests the Mt. Gox payments and responds to broader economic signals.the analyst added. “If market liquidity remains strong, we could see Bitcoin bounce back as it has in the past after significant sell-offs.”.

 
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