Bitcoin price has a decrease less than $ 80,000 earlier in the day in another collapse in the Checks market, while the best altcoins such as ETHEREUM (ETHEUM), XRP, Solana (SOL), Dogoin (DOGE) have corrected 8 % each in this market. There is an absolute bloodbath on Satoshi Street with BTC and other digital assets that provide weekly losses to more than 20-25 %.
The coding market is wiping 900 billion dollars
Since US President Donald Trump began the trade war on January 20, the collapse of the encryption market has wiped out more than 900 billion dollars within a little more than a month. Since Trump’s opening, the total ceiling of the encryption market has decreased from $ 3.7 trillion to $ 2.8 trillion. On the monthly graph, the Bitcoin price decreased by more than 21 % after facing rejection at 106 thousand dollars.
BTC losses worsened after the original lost the decisive support of $ 95,000. Below is the chart of how Bitcoin behaves after Trump announced commercial wars with Mexico, Canada and Europe recently.
Gold takes lights over bitcoin
The latest development shows that BTC has undergone suspicions of the market and fully behaved for yellow metal gold, which was heading up. Throughout the trade war, the price of gold continued to rise in an inch, which expands its gains to about 10 %.
Gold has regained its position as a favorite global majesty amid uncertainty. Last week, the Golden ETFS bought 52 tons of metal, which represents the highest weekly flow since July 2020. Over the past 12 months, gold prices have increased by more than 50 %, as it recently achieved its best annual performance for more than a decade.
How low the price of bitcoin?
Justin Bennett, a Crypto analyst, suggests that Bitcoin may be on the right track to close the $ 77,360 gap from November, and may be in line with the direction line in September 2023. In a modern publication, Bennett expressed doubts about Bitcoin’s ability to maintain their current levels.
“In order to avoid homogeneous expectations, you will need to close the February miracle over $ 92,000,” Bennett said. However, he added, “The possibilities do not look good.”
“We are making the lowest low levels in this current wave. I was tempted to add risks this morning, but looking at this basic procedure, I think we have another violent wave less than 80 thousand dollars, most likely during the weekend, then cockroaches for a while.”
On the other hand, Cryptoquant CEO believes that Bitcoin Bull Run is not over, and the price of bitcoin is unlikely to decrease less than 77,000 dollars, in the collapse of the encryption market.
ETHEREUM (ETH) leads to ALTCOINS to $ 2100
Ethereum tops the Altcoins market collapse, as it decreased by an additional 8 % today and moves to 2100 dollars. With today’s decrease, ETH wiped the post -election rally. ETHEREUM has decreased by approximately 50 % of its peak after the elections in late 2014. As of the time of the press, the ETH price is traded by 7.74 % at $ 2.136, and loses 30 billion dollars in the past 24 hours.
Regardless of ETH, some of the most prominent Altcoins also lost between 8 to 10 %. The price of XRP decreased by 8 % today, as it moved to $ 2.0. Solana (SOL) also decreased by 8 % to $ 126, with a Dogecoin (DOGE) and Cardano (ADA) to correct similar decisive support levels.
In the collapse of the encryption market today, the liquidation of the total encryption market increased to more than 860 million dollars, according to Coinglass data. Of the total qualifiers, it was $ 707 million in long qualifiers alone.
The encryption market faces the main liquidity crisis
The conditions of narrow liquidity in the market were the main cause of the sharp decline in the encryption market recently. Of the total monthly market correction, $ 760 billion has been eroded over the past 60 hours, noting the Kobeissi message, in the absence of liquidity.
Many global liquidity finds its way to the US dollar during continuous trade tensions. It is often seen as “the safest origin of risk”, the US dollar benefits from its reputation as one of the most coins in the world. Thus, the US dollar absorbs liquidity from encryption and the rest of the global markets.
Bushan Akolkar
Bhushan is enthusiastic about technology with a severe understanding of the financial markets. His interest in economics and financing has focused on emerging technology and encrypted technology markets. He is committed to continuous learning and remains eager to share the knowledge he acquires. In his spare time, Booshan enjoys reading excitement novels and sometimes exploring his cooking skills.
Responsibility: Is market research before investing in encrypted currencies? The author or post does not bear any responsibility for your personal financial loss.
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