The bull cycle for the entire cryptocurrency market including the world’s largest digital currency Bitcoin seems to be over now as bears seem to have taken a hold on the entre digital currency market. At the moment, almost all of the cryptocurrencies in the market are trading bearish. Bitcoin’s price value has even gone below the figure of $50k.
Overall Crypto Market Behavior Bearish As BTC Price Fell To $49k
After enjoying bullish days for many weeks in the first quarter of the present year, the cryptocurrency market has now turned bearish with almost all of the digital assets’ prices going down. Bitcoin (BTC), the leading digital currency in the world by market value has lost nearly eight percent of its price value. BTC price went down to touch the figure of $49k earlier today.
At the time of writing, the price of Bitcoin is trading at around $50,200 and is down by more than 7 percent in the last 24 hours, according to the data from CoinMarketCap. However, it is not the only cryptocurrency in the market whose sentiment is bearish while many other major cryptocurrencies have also seen their price values going down during the past one day. Ethereum, the second largest cryptocurrency in the world by market value faced a huge loss after recording its all-time high value at $2600 yesterday. Along with Ether, Ripple’s XRP and Binance’s native cryptocurrency Binance Coin (BNB) have also faced losses in price values. BNB is currently trading at around $517 while on the other hand, XRP’s price value is changing hands at around $1.14, at the time of writing.
Why Bitcoin and other cryptocurrencies turn bearish?
Recently, American President Biden purpose a capital gains tax as high as 43.4% for the rich people. This might be the reason behind sudden down spike of all crypto marekt.
However, now the price of bitcoin has decreased around -23% from its top. Market will recover soon as there is no sign of bearish trend. If no other bad news came or we might see BTC at a level of $45k is well.
5+ Best Crypto Futures Trading Platforms | Bitcoin Derivatives
Ripple Files Petition Requesting Discover of Relevant Info from Binance’s Subsidiary
Analyst Predicts Big Bull Run as Tether Whales Move 374,000,000 in Crypto
Will Cryptocurrencies Bounce Back?
BTC falls below $40k as Saudi Aramco Publishes a Statement on Bitcoin Mining
Recent Press Release
How Blockchain Technology Will Shape the Future of Online Gambling?
Cryptocurrency uses blockchain technology, and this tech ensures the security and anonymity of financial transactions. Many industries have embraced blockchain,...
Cryptos like ETH/USD, BTC/USD dancing to the tune of tweets by Tesla CEO Musk in absence of any Crypto trading regulator:
In February of 2021, Elon Musk tweeted that he found the prospect of holding Bitcoin ‘adventurous’ for an S&P 500...
Earning By Mining, Is a Klondike Of The 21st Century. Mining-Tron.Com
Mining-Tron.com is a company that started its history in 2018 in the cryptocurrency mining market. According to the zephyrnet.com, in...
You May Not Have Known These Bitcoin Facts
However, even though Bitcoin is the most well-known cryptocurrency network globally, there are several aspects of it that you may...
DeFi Coin (DEFC): Live Trading on BitMart is Coming on July 19th!
Decentralized finance is playing an increasingly important role in the crypto world. It is all the less surprising that DeFi...