https://sputnikglobe.com/20220411/bitcoin-drops-below-40000-mark-for-first-time-in-weeks-1094685704.html
Bitcoin Drops Below $40,000 Mark for First Time in Weeks
Bitcoin Drops Below $40,000 Mark for First Time in Weeks
Sputnik International
Bitcoin crushed through the $40,000 mark at the world’s largest crypto exchange Binance on Monday to its lowest level in more than three weeks. 11.04.2022, Sputnik International
2022-04-11T22:44+0000
2022-04-11T22:44+0000
2022-04-11T22:45+0000
bitcoin
cryptocurrency
ethereum
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The largest cryptocurrency by market value shed almost 8% during the day to trade at $39,780, its worst since March 16. It last lost nearly 17% of its value in January, before recovering 12% in February and continuing the rally in March.The drop correlates with the tech-heavy Nasdaq 100, a trend that started in 2020 during a COVID related sell off of stocks and cryptocurrencies.Other cryptocurrencies (commonly called altcoins) are also down. Ethereum (ETH) is down 9.2% today and 15.3% over the week. Solana (SOL) is down 12.6% for the day and 24.4% for the week. Cardano (ADA) is down 12.63% for the day and 23% for the week.Bitcoin (BTC) is doing comparatively well, down 7.7% for the day and 15.1% for the week.Gold meanwhile, is up 1.43% for the week. Gold is seen as a safe commodity for investors while cryptocurrencies and tech stocks are seen as risky bets.The most likely explanation for Bitcoin's drop is that economic issues of inflation, global unrest, and a resurgence of COVID in China have spooked investors who divested from their risky investments like cryptocurrencies and technology stocks.According to CoinDesk, it also appears that a lot of "long bets" that is, investors "betting" that the Bitcoin price will rise, were called in by exchanges over the weekend, leading to a small cascading of the price as more "Bitcoin Bulls" had their bets called in.But, the crypto news site says, there is hope that Bitcoin will find support at $37,500, but Bitcoin already dropped below a $40,000 where it was also expected to be supported by a large number of auto-buys by traders. If the price holds at $37,500 or above, the price could rise back up to the prices of last week. However, there is significant sell pressure at $50,000 likely preventing a resurgent bull market.
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bitcoin, cryptocurrency, ethereum
bitcoin, cryptocurrency, ethereum
Bitcoin Drops Below $40,000 Mark for First Time in Weeks
22:44 GMT 11.04.2022 (Updated: 22:45 GMT 11.04.2022) Bitcoin crushed through the $40,000 mark at the world’s largest crypto exchange Binance on Monday to its lowest level in more than three weeks.
The largest cryptocurrency by market value shed almost 8% during the day to trade at $39,780, its worst since March 16. It last lost nearly 17% of its value in January, before recovering 12% in February and continuing the rally in March.
The drop correlates with the tech-heavy Nasdaq 100, a trend that started in 2020 during a COVID related sell off of stocks and cryptocurrencies.
Other cryptocurrencies (commonly called altcoins) are also down. Ethereum (ETH) is down 9.2% today and 15.3% over the week. Solana (SOL) is down 12.6% for the day and 24.4% for the week. Cardano (ADA) is down 12.63% for the day and 23% for the week.
Bitcoin (BTC) is doing comparatively well, down 7.7% for the day and 15.1% for the week.
Gold meanwhile, is up 1.43% for the week. Gold is seen as a safe commodity for investors while cryptocurrencies and tech stocks are seen as risky bets.
The most likely explanation for Bitcoin's drop is that economic issues of inflation, global unrest, and a resurgence of COVID in China have spooked investors who divested from their risky investments like cryptocurrencies and technology stocks.
According
to CoinDesk, it also appears that a lot of "long bets" that is, investors "betting" that the Bitcoin price will rise, were called in by exchanges over the weekend, leading to a small cascading of the price as more "Bitcoin Bulls" had their bets called in.
But, the crypto news site says, there is hope that Bitcoin will find support at $37,500, but Bitcoin already dropped below a $40,000 where it was also expected to be supported by a large number of auto-buys by traders. If the price holds at $37,500 or above, the price could rise back up to the prices of last week. However, there is significant sell pressure at $50,000 likely preventing a resurgent bull market.
