Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence
14 Giugno 2022 - 04:00PM
NEWSBTC
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. Related
Reading | 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. In addition, it
reflects global financial uncertainty driven by increasing
inflation as investors seek to sell “riskier assets” such as
cryptocurrencies. The Bitcoin 3-Day Chart Indicates March 2020
Crash 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. After opening the week
above $9,000, the cryptocurrency suddenly fell below $4,000 on
March 13, 2020. However, as of the end of U.S. markets, it had
returned to around $5,400. Bitcoin is currently trading below
$22,000 on the daily chart | Source: BTC/USD chart
from TradingView.com For the March 2020 crash, Joe DiPasquale,
CEO of BitBull Capital, said that the global pandemic of the
coronavirus caused investors to move their money into cash as a
form of protection. He further added that 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 and
other asset classes. Reason Behind Bitcoin Plunging To New Lows 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 market.
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: Due to extreme market conditions, today we are
announcing that Celsius is pausing all withdrawals, Swap, and
transfers between accounts. We are taking this action today to put
Celsius in a better position to honor, over time, its withdrawal
obligations. Featured image from Flickr and chart from
TradingView.com
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