Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence

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Di, 14 Junie 2022 2:00

Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence

According to Tradingview, the world’s most popular cryptocurrency, Bitcoin, hit a new low of $20,828 at the start of the week. Because of this new pricing, BTC lost 16.54% of its value in less than a day- almost $5,000 in value.

Although being the largest and most famous cryptocurrency, Bitcoin is notorious for its huge climbs and equally dramatic declines. For example, BTC skyrocketed to an all-time high of over $69,000 in November 2021, then plummeted to just under $30,000 by the start of 2022.

  Verwante leeswerk | Bitcoin Long-Term Holders Realize March 2020-Like Losses As BTC Crashes

Bitcoin’s value peaked above $30,000 on June 1, 2022, but dropped below that the next day. It is currently trading below $22,000. This decrease is linked to TerraUSD, a stablecoin, breaking its $1 peg and Luna subsequently falling.

Boonop weerspieël dit wêreldwye finansiële onsekerheid wat deur toenemende inflasie gedryf word, aangesien beleggers poog om "risikoger bates" soos kripto-geldeenhede te verkoop.

The 3-Day Bitcoin chart Indicates a recurrence of the March 2020 Crash, based on the present state of the BTC market. Bitcoin’s popularity as a safe-haven asset began to wane in March 2020. It had lost half of its value in only two days.

Nadat die week bo $9,000 4,000 oopgemaak is, het die kriptogeldeenheid skielik onder $13 2020 geval op 5,400 Maart XNUMX. Teen die einde van die Amerikaanse markte het dit egter teruggekeer na sowat $XNUMX XNUMX.

Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC/USD chart from TradingView.com

Vir die ongeluk in Maart 2020 het Joe DiPasquale, uitvoerende hoof van BitBull Capital, gesê dat die wêreldwye pandemie van die koronavirus veroorsaak het dat beleggers hul geld in kontant skuif as 'n vorm van beskerming.

Hy het dit verder bygevoeg Bitcoin’s potential as a safe-haven asset is being questioned due to this steep decrease. But feels it is too early to look for any links between Bitcoin en ander bateklasse.

One factor contributing to bitcoin’s new lows is the halting of all withdrawals, transfers, and swaps between accounts by Celsius.

Celsius, a DeFi platform and one of the largest crypto lenders has been a significant cause of mistrust in the Bitcoin mark.

 Related Reading | Rich Dad, Poor Dad Author Changes His Mind About Bitcoin? BTC Crashes To $23K

The network announced they had paused withdrawals, swaps, and transfers between clients via Celsius. This announcement was made in the early hours of June 13, following Bitcoin’s slide below $24,000 and the whole crypto market losing about $250 billion in only seven days.

As the company’s announcement stated:

Weens uiterste marktoestande kondig ons vandag aan dat Celsius alle onttrekkings, Ruil en oordragte tussen rekeninge onderbreek. Ons neem vandag hierdie aksie om Celsius in 'n beter posisie te plaas om mettertyd sy onttrekkingsverpligtinge na te kom.

Oorspronklike bron: NewsBTC