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Thursday, March 30, 2023

Cryptocurrencies Plunge, Dragged by the Fed and the Fall of Silvergate

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The falls are led by HEX (-7.3%) and Dogecoin (-5.7%). Binance falls 3.05% and Ripple 2.5%

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The expectation of tightening by the Fed and the European Central Bank threaten the capitalization of risk assets.

In parallel, the capitalization of the world cryptocurrency market also contracted, which fell 2.02% in the last 24 hours and stood at 1.05 trillion dollars.

In the last 24 hours, 81,843 traders were liquidatedwhat translates into $240.78 million in liquidations, according to CoinGlass Data.

What analysts expect

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Bitcoin is lower after risk aversion tone on Wall Street, on the back of another impressive number of jobless claims that sent Treasury yields higher. We have to be close to the bottom, so this may not have much of a follow through. Bitcoin’s trading range continues to hold and any breakout beyond the $21,500-$25,000 zone could be temporary, barring a major cryptocurrency-related event,” he stated. Edward MoiaOANDA Senior Market Analyst.

The cryptocurrency analyst Michael van de Poppe warned that Silvergate it could be heading for bankruptcy, which would drive prices down a bit more. “People are accumulating positions since the news broke and there is no real movement in Bitcoin. It could be an assumption that people are heavily biased towards short positions. It’s time for a squeeze,” said the analyst.

Source: Ambito

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