No digital token traded in the green amid Thursday’s early hours. Bitcoin dropped 10%, while Ethereum noted an 18% nosedive. Meanwhile, the altcoin marketplace bled severely.
The crypto market suffered today as the global economy battled multiple factors. The stablecoins’ unstable algorithmic hurt sentiment in the crypto market, whereas U.S dollar-tied tokens see ‘de-pegs,’ dragging the marketplace lower.
Besides that, the surging inflation figures globally remained worrisome for investors over an impending economic slowdown. Russia’s military operation in Ukraine added to these woes. No digital coin presented gains early on Thursday. Bitcoin lost 10%, whereas Ethereum declined by 18% within 24 hours. Meanwhile, the altcoin market noted severe losses.
Recognized names, including Dogecoin, Shiba Inu, Cardano, Avalanche, Binance Coin, Solana, and Polkadot, lost nearly 1-3rd of their prices within the past day. Terra remained the worst hit, surrendering 99.9% of its investors’ fortune.
The cumulative crypto market cap stayed sharply lower near $1.21 trillion, down 14.73%. On the other side, the overall cryptocurrency trading volume witnessed a nearly 40% increase to $219.14 billion.
Giottus’ Tech View
Bearishness dominated the markets as Bitcoin violated the $30K mark, exploring levels last seen in June 2021. Also, the move market BTC’s seventh successive week of drops. As the repo rate hike by the U.S Fed Reserve dented global markets the past week, yesterday’s U.S inflation data release couldn’t calm the space.
Terra’s disaster compounded ongoing bearishness, the token losing over 99% of its value. Bitcoin struggles well beneath the $30K mark and still prints bearish structures, with lower lows and lower highs.
Longs might continue suffering until the market breaks the ongoing trend. Enthusiasts should monitor Bitcoin around the $27K region before executing new lows. Meanwhile, reclaiming $30K remains vital for reversals in the longer timeframes.
Moreover, BTC’s market dominance saw a 2.60% increase over the previous day to 44.46%. This number might continue surging in the coming weeks, showing that reversals would not mean money entering the altcoin market. If you’re in for crypto, BTC remains your safe bet.
