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Bitcoin bulls take a breather while BTC price slips below $55,000



Bitcoin price offered off on March 15 as bears pushed the price again into the mid-$50,000 vary a few days after (BTC) hit a new all-time excessive above $61,000. 

Information from Cointelegraph Markets and TradingView exhibits that Bitcoin price dropped as little as $54,600 and on the time of writing, patrons haven’t stepped in to arrest the decline.

BTC/USDT 4-hour chart. Supply: TradingView

A sequence of current developments have elevated the worry, uncertainty and doubt (FUD) issue for the highest cryptocurrency, together with rumors of a potential digital asset ban in India that may criminalize the possession, issuance, mining, buying and selling and switch of cryptocurrency.

Including to the dangerous information of the day, PancakeSwap (CAKE) and Cream Finance (CREAM), two of the highest DeFi tasks on the Binance Sensible Chain, fell sufferer to a DNS spoofing assault that sought to phish customers into getting into their non-public keys on the web site.

Each tasks instantly knowledgeable customers of the exploit and suggested them to keep away from logging in till the problem is resolved. and are reminded to maintain their non-public keys and seed phrases safe and saved offline. On the every day shut CAKE price was down by 8.7% and CREAM dropped by 14.3% earlier than recovering to $110 on the every day shut.

The bullish uptrend stays intact

Regardless of Monday’s decline, merchants are optimistic that BTC will see a speedy restoration and a current survey estimates that as much as 10% of the $400 billion in pandemic reduction for U.S. citiz could possibly be used to buy Bitcoin and shares.

One other bullish signal for BTC comes from the futures markets, the place a report $22.5 billion in open curiosity on BTC futures signifies that bulls stay optimistic that the present uptrend will proceed.

Based on Chad Steinglass, Head of Buying and selling at CrossTower, the early morning sell-off was not stunning on account of a number of components together with much less liquidity on the weekends which might result in “liquidations in highly levered swap and options products that trade outside of the U.S.,” exacerbating the downward motion.

Steinglass mentioned:

“Couple this with the fact that China has been trading weak ever since the Lunar New Year in both equity and crypto markets, and a sell-off from the weekend highs, while disappointing, is not particularly surprising.”

Stimulus optimism results in new record-highs in equities

The standard monetary markets rallied on Monday as optimism surrounding the current $1.9 billion stimulus package deal signed by President Biden helped dampen considerations associated to rising Treasury yields.

The S&P 500, Dow and NASDAQ all closed the day optimistic, up 0.65%, 0.53% and 1.05% respectively. The S&P 500 and Dow each establishing new all-time highs because the buying and selling day closed.

Choose altcoins ignore Bitcoin’s bearish flip

Each day cryptocurrency market efficiency. Supply: Coin360

Regardless of the bearish flip of occasions, a number of altcoins have been ready to withstand and rally larger.

Enjin (ENJ) noticed its price surge 32% to a new all-time excessive of $3.00 throughout the early buying and selling hours because the altcoins quantity surged after being listed on Huobi alternate.

The twin-token system of VeChain (VET) and the VeThor Token (VTHO) additionally moved larger as a excessive quantity spike lifted VET to a new all-time excessive at $0.0827. VTHO price elevated 37% to $0.0119, its highest stage in over two years.

BTC/USD every day chart. Supply: Coin360

The general cryptocurrency market cap now stands at $1.71 trillion and Bitcoin’s dominance fee is 60.9%.

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