on the crypto
Although Bitcoin has partially recovered from Saturday's lows, investor confidence appears to be waning for now. As of press time, Bitcoin (BTC) is trading up 7,9% at a price of $ 19.963, with a market cap of $ 380 billion.
There have been some key developments on the chain, with Bitcoin going into capitulation, miners liquidating, and long-term holders taking losses. Furthermore, global macro developments will continue to weigh on BTC dynamics.
Some market pundits are asking investors to remain cautiously optimistic. Bitcoin's breaking below $ 20.000 and its 2017 high is not a good sign; of course, the recent drop in prices could be due to forced sellers. Arthur Hayes, former CEO of the BitMEX derivatives trading platform, writes:
Over the weekend, as fiat binaries closed, $ BTC fell to a low of $ 17.600, a nearly 20% drop from Friday on good volume. It appears that a forced seller has triggered a stop run.
He also added that the recovery could come soon due to forced sales. However, he believes pressure from sellers could come in the future. On the other hand, the cryptocurrency market sees some of the major players struggling with major liquidity problems. Famous investor Mike Alfred notes that:
Bitcoin has not finished liquidating the big operators. They will take it to a level that will cause the most damage to the most overexposed operators, such as Celsius, and then suddenly rebound and rise once these companies are completely wiped out. A story as old as the world.
The major US indices corrected between 20 and 30% from their highs following the massive price correction since May. However, the worst seems far from over. Welt analyst Holger Zschäpitz explains:
There's no hiding: Stocks and bonds together are on track for their worst quarter ever. Meanwhile, credit markets have also taken a hit. Bitcoin has lost over two-thirds of its value since it hit a high of nearly $ 70.000 in November (via BBG).
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