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The value of the entire cryptocurrency market dropped to $ 253 billion, down from 100 billion last week. The price of most major cryptocurrencies, including Bitcoin, Ethereum, Ripple and Bitcoin Cash, dropped by more than 13% throughout March 30th.
The collapse continues
In the last 24 hours, the price of bitcoin went from $ 7,900 to $ 6,600, with a 12.6% drop in value. Ethereum, Ripple and Bitcoin Cash all fell by more than 12% as the market lost more than $ 40 billion in two days.
Bitcoin and the cryptocurrency market have not experienced these levels since the beginning of February, when the price of bitcoin dropped to $ 6,000. After reaching its lowest level at $ 6,000, the price of bitcoin has risen to $ 12,000, reaching $ 14,000 in high-premium regions, including South Korea and Hong Kong.
Although Bitcoin showed some resistance at $ 6,600, it also showed minimal signs of recovery. Volumes on most exchanges, including Binance, Bitfinex, Bithumb, Bitflyer, and Upbit, remain relatively weak, but volumes on the futures markets are intensifying, as CCNs. has already reported.
Several analysts, including Wall Street-based Fundstrat’s Tom Lee, said Bitcoin was still nearing $ 20,000 at the end of the year, especially if the market could start a mid-year recovery. term in the coming months.
The CEO of Abra Bill Barhydt said that if demand for the cryptocurrency market was non-existent with institutional investors and retail traders from the West, this did not happen. certainly not the case in Asia.
“There is really zero large-scale institutional money from the west to crypto right now.This is happening in Japan.After a large part of the 39, money from Western institutions begins to enter, pay attention, “said Baraht
Given the lack of volumes, it is likely that the cryptocurrency market will continue to decline in the coming days. However, if bitcoin fails to maintain its volumes and the price of the most dominant cryptocurrency on the market falls below $ 6,000, it could lead the market to another downward cycle.
Where does the market go from here?
Barhydt said that hedge funds, institutional investors and investment companies are still actively studying the cryptocurrency market and exploring ways to enter the market. He pointed out that hedge funds will likely see a window of opportunity to enter the cryptocurrency market as the market stabilizes and the extreme volatility of bitcoin and other major digital currencies subsides.
“I talk to hedge funds, high net worth individuals, even commodities speculators, they look at the volatility in the crypto markets, and they see it as a huge opportunity – once that happens, all hell After the valves open, they are open. “
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