The cryptocurrency market has been heading for a steep decline since the beginning of the week. Bitcoin fell more than 15% in a single day as Celsius Network stopped withdrawals on Monday. During the rest of the week, sales increased in the market. Cryptocurrency investors, on the other hand, are curiously following the market trend.
DANGEROUS BITCOIN BELOW THE CRITICAL LEVEL
Bitcoin, which has been unable to break the bearish trend all week, fell below the critical $ 20,000 level on Saturday. As the weight of sellers in the market increased, the leading currency fell to $ 17,622 the other day and saw a 1.5-year bottom. Bitcoin has lost nearly 10% on a daily basis.
31 PERCENT FOLLOWED IN 1 WEEK
As of the week at $ 26,574, Bitcoin has lost more than 31%. If Bitcoin closes the week from these price levels, the market could bleed. Prepare for the toughest weekly close in Bitcoin history.
THIS LEVEL IS VERY CRITICAL IN BITCOIN
The $ 20,000 level was vital in Bitcoin. The major currency rose sharply in 2017, reaching over $ 20,000 and then falling. The next major support level in the leading currency, which broke the $ 20,000 level the previous day, stood out as $ 18,000 700. Bitcoin, in fact, fell to $ 17,622. Bitcoin is currently trading at $ 18,100.
If Bitcoin closes below the $ 18,700 level daily, sales could increase in the market. The $ 18,700 level is vital for the Bitcoin price.
BITCOIN TOWARDS $ 10,000
Jeffrey Gundlach, CEO of Doubleline Capital, said instead that he would not be surprised if the price of Bitcoin dropped to $ 10,000.
Speaking to CNBC, Gundlach said, “Some parts of the cryptocurrency world have exploded and Bitcoin could drop to $ 10,000. When Bitcoin’s price broke $ 30,000 to the downside, I looked at the charts, I saw $ 20,000 could be hit. very quickly and done. ”
LOSS ALSO LASTS IN ETHEREUM
Ethereum, the second highest volume digital asset after Bitcoin, fell below the critical $ 1,000 level the other day and regressed to $ 881, making its investors uncomfortable. Ethereum is currently trading at $ 958. In 2 days, the loss in value in Ethereum was based on 15%.
$ 600 MILLION WAS STEAM
With the effect of the decline in the cryptocurrency money market, the liquidation amount in leveraged transactions has reached high levels. In the past 24 hours, $ 600 million of leveraged transactions have been liquid, while $ 300 million of Bitcoin transactions have been liquidated.
DOWNLOAD 762 BILLION DOLLARS
With the impact of the steep decline seen at the head of Bitcoin, the total capital value of cryptocurrencies dropped to $ 762 billion on the last day. The total market value of digital assets currently stands at $ 789 billion.
WHY DO CRYPTO COINS FALL?
Cryptocurrency specialist Oytun Es evaluated the developments regarding cryptocurrencies in the CNN Turk live broadcast: Es used the following statements:
The main reason Bitcoin has fallen below $ 20,000 is the Fed’s intensifying process of raising interest rates. The Fed made its decision and raised interest rates by 0.75 basis points. All markets are affected, not just Bitcoin and cryptocurrencies. Bitcoin and cryptocurrencies can be hit very hard as they are at their lowest in terms of volume.
We are heading towards a time when central banks enter the hawkish process. If inflation continues to rise from now on, as I think it will. Consequently, if central banks keep raising interest rates, will Bitcoin go towards 0? Yes, we are experiencing a very strong decline, but I disagree with it. But it must be said that Bitcoin broke new ground when it peaked at $ 69,000. We too must be prepared for many principles. Interest rate hikes come at a cost, they won’t be able to raise interest rates forever. I think there will be an upward trend in cryptocurrencies as assets like gold and silver rise.
HOW LONG WILL THE DECREASE OF CRYPTO COINS CONTINUE?
Bitcoin is not very correlated with the markets it should be correlated with. It entered a correct correlation with the stock markets. I think in the next period Bitcoin will break this and move with gold. It is difficult to say that the recovery of cryptocurrencies will begin in this period. We have seen one Bitcoin fall from $ 1,120 to $ 170. Bitcoin itself went from $ 170 to $ 20,000. Bitcoin itself fell from $ 20,000 to $ 3,200. It then rose to $ 69,000. When we look at past declines, we cannot say that the current regression is too harsh. I expect Bitcoin to pick up as inflation gradually rises. I’m sure disgruntled investors will enter the market once some critical thresholds are passed.
WHAT DO YOU RECOMMEND TO INVESTORS?
They should stay calm, if they didn’t sell, I think it would be helpful to keep calm after this time. Bitcoin and altcoins are not overnight enrichment tools. Investments must be long-term. When we look at the long-term Bitcoin chart, we see that it does not upset the investor. Entering this market with short-term investments is risky. There are over 10 thousand altcoins, more than 95% of them are junk. I think it would be beneficial to turn to down-to-earth assets like Bitcoin and Ethereum.