Bitcoin price was sold on March 15 when bears pushed the price back in the mid-$ 50,000 range a few days after (BTC) reached a new record high of more than $ 61,000.
Data from Cointelegraph Markets and TradingView show that the Bitcoin price has fallen as low as $ 54,600, and buyers at the time of writing have not yet managed to stop the decline.
A series of recent developments have heightened fears, uncertainty and doubt (FUD) for the top cryptocurrency, including rumors of a potential ban on digital assets in India that would hold, issue, mine, trade and transfer cryptocurrency punishment.
PancakeSwap (CAKE) and Cream Finance (CREAM), two of the best DeFi projects in the Binance Smart Chain, added the bad news of the day. the website.
Both projects immediately notified users of the exploitation and advised them not to log in until the issue was resolved. and are reminded to keep their private keys and seed phrases safe and store them offline. At the daily close, the CAKE price fell by 8.7% and CREAM fell by 14.3% before recovering to $ 110 at the daily close.
The strong upward trend remains intact
Despite Monday’s decline, traders are optimistic that BTC will recover quickly, and a recent survey estimates that up to 10% of the $ 400 billion pandemic relief for U.S. citizens could be used to buy Bitcoin and shares.
Another bullish sign for BTC comes from the futures markets, where a record $ 22.5 billion in open interest on BTC futures indicates that bulls remain optimistic that the current rise will continue.
According to Chad Steinglass, head of trading at CrossTower, the early-morning sell-out was not surprising due to several factors, including less weekend liquidity that could lead to liquidations in heavy leverage and option products trading outside the United States. movement worsens.
Steinglass said:
“This goes hand in hand with the fact that China has been trading poorly in both stock and crypto markets since the lunar new year, and a sell-off of the highs over the weekend, though disappointing, is not particularly surprising.”
Stimulus optimism leads to new record highs in equities
Traditional financial markets rose on Monday as optimism surrounding the recent $ 1.9 billion stimulus package signed by President Biden helped allay concerns about rising Treasury yields.
The S&P 500, Dow and NASDAQ all closed the day positively, with 0.65%, 0.53% and 1.05% respectively. The S&P 500 and Dow both set new highs of all time as the trading day closed.
Choose altcoins, ignore Bitcoin’s clumsy turn
Despite the clumsy reversal, several altcoins were able to resist and pick up higher.
Engine (ENJ) raised its price by 32% to a new high of $ 3.00 during the early trading hours as the altcoins volume rose after being listed on the Huobi stock exchange.
The dual-token system of VeChain (VET) and the VeThor Token (VTHO) also moved higher as a high volume peak lifted VET to a new everyday high at $ 0.0827. The VTHO price rose 37% to $ 0.0119, the highest level in more than two years.
The overall market capitalization for cryptocurrencies now stands at $ 1.71 billion and Bitcoin’s dominance rate is 60.9%.