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$ 38,000 Bitcoin: What Pushes Markets Down?

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  Bitcoin

TL; DR separation:

  • After Bitcoin fell to $ 38,000, the crypto market fell below $ 2 trillion.
  • Russia, the stock market and the liquidation of futures contracts may have caused the decline.
  • Meanwhile, some things have not changed for BTC.

The digital currency market itself is still in the hands of bears. Early Thursday, Bitcoin (BTC) gradually moved higher: a move followed by some other important digital currencies, including Atrium. However, just when Bitcoin was hitting $ 43500, prices fell again.

Bitcoin fell 12 percent to $ 38,235 after hitting $ 43,500 yesterday – last seen in August 2021. Similarly, major altcoins, including Atrium and Solana, were affected, causing a cascade of liquidity of about $ 716 million in the futures market and the current 7.28. Percentage decrease in the total market value of digital currencies.

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Why is Bitcoin falling?

The stagnation and decline in the prices of many digital currencies in the last month clearly indicates a downward market. However, some people believe that there may be some extra bit in the recent decline of bitcoin, which may have followed other altcoins.

On Thursday, the Central Bank of Russia proposed a ban on trading and extraction of digital currencies. Although some blame the market change, it should be noted that the bank has been considering banning cryptographic activities in the region for some time, despite talk from the president and some government officials about possible use. From Ramzarz. in country.

The value of liquidated digital currency positions may have contributed to the downtrend. In addition, all markets are moving south, including technology stocks on NASDAQ, which are currently undergoing correction.

Ramzifa called this a downtrend in a recent article published on January 19th. With Bitcoin crossing the $ 42,000 mark, we anticipated that the price could fall due to the upcoming selling pressures. Some things have not changed for BTC. Therefore, Bitcoin can be expected to offset its losses in the coming weeks.

What has not changed for Bitcoin?

Despite price volatility in recent weeks, bitcoin holdings in exchange offices have not increased. According to CryptoQuant data, there are currently 2.375 million bitcoins on all crypto trading platforms, which is somewhat indicative of a shortage. In addition, the BTC hash rate is currently at its highest.

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The Fear and Greed Index is currently “19”, which indicates that investors are extremely scared – as many experts believe is a good buy opportunity. Bitcoin moves mysteriously. It remains to be seen whether this price will fall or rise from the current price of $ 39,132.