Crypto market absorbs loss after Significant loss

ATFX

Publish date: Wed, 13 Apr 2022, 03:46 PM

The crypto market is currently absorbing loss and recovering after witnessing a bloodbath yesterday. The crypto market bled heavily yesterday after Bitcoin dipped to 39k, losing over $3500 of its price value in a single day. Many had earlier supposed that Bitcoin topped at 48k after testing this level in the first week of April.

This week has become a feast for the bears who recaptured the market and dragged down the price of all crypto assets to dust again. Bitcoin price lost over 6% of its value this week, dragging its price down to as low as $39200 on Monday. Other crypto assets have even witnessed a more significant loss in value than Bitcoin. Ethereum lost over 8% of its value, bringing the price down to as low as $2941. Cardano (ADA) lost over 10% of its value bringing the price to $0.915. Litecoin fell as low as 9.5%, bringing the price to $1.2. The Stellar coin (XLM) fell by 6%, bringing the price to $0.1854.

This week's fall in crypto-asset was triggered by concerns over the imminent inflation data and interest rate hikes to take effect soon. Many investors considered it necessary to withdraw their investments from high-risk assets to invest in dollars, given the expected high-interest return.

Consequently, the crypto market saw the most significant decline in its total market Capital in a single day, with over $400million withdrawn by investors on Monday alone. Currently, Bitcoin is gasping for recovery with temporary support created at $39,700. If this support holds, we might expect a return above 40k, probably towards the first resistance at 42k. However, if this support fails, we might be headed for more loss which might take us down to $37,500.

Many believe that the bears are exhausted and feel it is now an opportunity to buy the dip in crypto as we await a revival again.

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Discussions

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thehiverecording

Crypto scarcity is a long way away which means volatility will continue for a long time which means we can still keep chasing crazy gains which means there's still plenty of time to get rich from crypto. For crypto alerts updates, you can check https://www.dexfolio.org/blog-posts/automated-crypto-alerts

2022-04-19 10:34

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