[ad_1]
The price of Bitcoin sold out on March 15 as bears pushed the price back into the mid-range of $ 50,000 a few days after (BTC) hit a new high above $ 61,000.
Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin has fallen as low as $ 54,600 and at the time of writing, buyers have not stepped in to stop the decline.
A series of recent developments have increased the Fear, Uncertainty and Doubt Factor (FUD) for the leading cryptocurrency, including rumors of a possible ban on digital assets in India that would criminalize the possession, issuance , mining, trading and cryptocurrency transfer.
Adding to today’s bad news, PancakeSwap (CAKE) and Cream Finance (CREAM), two of the top DeFi projects on the Binance smart chain, fell victim to a DNS spoofing attack that sought to phish users into enter their private keys on the website.
Both projects immediately notified users of the exploit and advised them to avoid logging in until the issue was resolved. and are reminded to keep their private keys and seed phrases safe and stored offline. At the daily close, CAKE’s price was down 8.7% and CREAM’s price was down 14.3% before rising to $ 110 at the daily close.
The uptrend remains intact
Despite Monday’s decline, traders are optimistic BTC will see a rapid recovery and a recent survey estimates that up to 10% of the $ 400 billion in pandemic relief for US citizens could be used to buy Bitcoin and actions.
Another bullish sign for BTC comes from the futures markets, where a record $ 22.5 billion open interest on BTC futures indicates bulls remain bullish that the current uptrend continues.
According to Chad Steinglass, head of trading at CrossTower, the early morning sale was not surprising due to several factors, including the decrease in liquidity on weekends, which can lead to “sell-offs of product. highly leveraged exchange and options that trade outside of the United States, ”exacerbating the downward movement.
Steinglass said:
“Add to that the fact that China has been trading weak since the Lunar New Year in the equity and crypto markets, and a selloff of weekend highs, while disappointing, is not particularly surprising.”
Boosted optimism leads to new stock records
Traditional financial markets rallied on Monday as optimism surrounding President Biden’s recent $ 1.9 billion stimulus package helped ease concerns over rising Treasury yields.
The S&P 500, Dow and NASDAQ all ended the day positively, up 0.65%, 0.53% and 1.05% respectively. The S&P 500 and the Dow both set new highs at the end of the trading day.
Some altcoins ignore Bitcoin’s bearish turn
Despite the bearish turn of events, several altcoins were able to resist and rally higher.
Enjin (ENJ) saw its price jump 32% to a new all-time high of $ 3.00 at the start of trading hours as altcoin volume increased after being listed on the Huobi Exchange.
The dual-token system of VeChain (VET) and VeThor Token (VTHO) also rose as a high volume spike lifted job training to a new all-time high at $ 0.0827. The price of VTHO rose 37% to $ 0.0119, its highest level in more than two years.
The overall cryptocurrency market cap is now $ 1.71 trillion and Bitcoin’s dominance rate is 60.9%.
[ad_2]
Source link