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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.
Lectura relacionada | 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.
Ademais, reflicte a incerteza financeira global impulsada polo aumento da inflación xa que os investimentos buscan vender "activos máis arriscados" como as criptomoedas.
o Bitcoin 3-Day Chart Indicates March 2020 CrashThe 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.
Despois de abrir a semana por riba dos 9,000 dólares, a moeda criptográfica caeu de súpeto por debaixo dos 4,000 dólares o 13 de marzo de 2020. Non obstante, a partir do final dos mercados estadounidenses, volvera a ser de 5,400 dólares.
Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC/USD chart from TradingView.com
Para o accidente de marzo de 2020, Joe DiPasquale, CEO de BitBull Capital, dixo que a pandemia global do coronavirus fixo que os investimentos movesen o seu diñeiro en efectivo como forma de protección.
Ademais engadiu que 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 e outras clases de activos.
Reason Behind Bitcoin Plunging To New LowsOne 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 mercado.
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:
Debido ás condicións extremas do mercado, hoxe anunciamos que Celsius está en pausa en todas as retiradas, intercambios e transferencias entre contas. Hoxe tomamos esta acción para poñer a Celsius nunha mellor posición para cumprir, co paso do tempo, as súas obrigas de retirada.
Imaxe destacada de Flickr e gráfico de TradingView.com
Orixe orixinal: NewsBTC