Bitcoin was sold off on March 15th when the bears pushed the price back into the middle of the $ 50,000 range a few days after BTC hit a new permanent high above $ 61,000.
Data from Cointelegraph Markets and TradingView shows that the bitcoin price has fallen to $ 54,600, and at the time of writing, buyers have not agreed to halt the decline.
A number of recent events have increased the fear, uncertainty and suspicion (R&D) factor of the leading cryptocurrency, including rumors of a potential digital asset ban in India criminalizing the ownership, issuance, mining, trading and transfer of cryptocurrencies. …
In addition to the bad news today, two of DeFi’s best projects have signed up on Binance Smart Chain, PancakeSwap (CAKE) and Cream Finance (CREAM) as a victim of a DNS spoofing attack that tried to force phishing users to post their own files. Keys. On site.
Both projects immediately reported users about the process and advised them not to log in until the issue was resolved. They are reminded that their private keys and initial offers must be protected and stored offline. At the end of the day, the price of the cake is down 8.7%, the price of cream is down 14.3% and then returned to $ 110 at the end of the day.
The uptrend continues
Despite Monday’s drop, traders are optimistic about Bitcoin’s rapid recovery, and a recent survey estimated that up to 10% of the $ 400 billion in aid for US citizens from the pandemic could be used to buy bitcoin and stocks.
Another positive sign for BTC comes from the futures markets, as the rise in the benchmark interest rate for BTC futures at $ 22.5 billion indicates that bulls are still optimistic about the continuation of the current trend.
According to Chad Stinglas, Head of Trading at CrossTower, early morning sales were not unexpected due to several factors, including lack of liquidity over the weekend, which could lead to “the cancellation of the high profile swaps and options products traded outside the US”. Exacerbates the downward movement.
“Coupled with the fact that China has been trading poorly in both equity and cryptocurrency markets since the Lunar New Year, and sales since the weekend peak, though disappointing, are not particularly surprising.”
Stimulating optimism leads to new records
Traditional financial markets rallied on Monday as optimism about the latest $ 1.9 billion stimulus package signed by President Biden helped calm concerns about a government rate hike.
The S&P 500, Dow, and NASDAQ finished the day 0.65%, 0.53% and 1.05% higher, respectively. By the end of the trading day, the S&P 500 and Dow both hit new highs all-time.
Choose Altcoins to ignore Bitcoin Bearish Turn
Despite the downward event, many cryptocurrencies managed to hold and move higher.
Enjin (ENJ) price rose 32% to an all-time high of $ 3.00 in the early hours of trading as the altcoin’s volume rose after it was listed on the Huobi Exchange.
The dual token system VeChain (VET) and VeThor Token (VTHO) also surged as the spike in volume lifted VET to an all-time high of $ 0.0827. VTHO rose 37% to $ 0.0119, the highest level in two years.