Bitcoin bulls take a breather while BTC price slips below $55,000


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Bitcoin worth offered off on March 15 as bears pushed the worth again into the mid-$50,000 vary a number of days after (BTC) hit a brand new all-time excessive above $61,000. 

Knowledge from Cointelegraph Markets and TradingView exhibits that Bitcoin worth dropped as little as $54,600 and on the time of writing, consumers haven’t stepped in to arrest the decline.

BTC/USDT 4-hour chart. Supply: TradingView

A collection of current developments have elevated the concern, uncertainty and doubt (FUD) issue for the highest cryptocurrency, together with rumors of a potential digital asset ban in India that may criminalize the possession, issuance, mining, buying and selling and switch of cryptocurrency.

Including to the dangerous information of the day, PancakeSwap (CAKE) and Cream Finance (CREAM), two of the highest DeFi initiatives on the Binance Sensible Chain, fell victim to a DNS spoofing attack that sought to phish customers into coming into their non-public keys on the web site.

Each initiatives instantly knowledgeable customers of the exploit and suggested them to keep away from logging in till the problem is resolved. and are reminded to maintain their non-public keys and seed phrases safe and saved offline. On the each day shut CAKE worth was down by 8.7% and CREAM dropped by 14.3% earlier than recovering to $110 on the each day shut.

The bullish uptrend stays intact

Regardless of Monday’s decline, merchants are optimistic that BTC will see a fast restoration and a current survey estimates that as much as 10% of the $400 billion in pandemic reduction for U.S. citiz could be used to purchase Bitcoin and stocks.

One other bullish signal for BTC comes from the futures markets, the place a record $22.5 billion in open interest on BTC futures signifies that bulls stay optimistic that the present uptrend will proceed.

In response to Chad Steinglass, Head of Buying and selling at CrossTower, the early morning sell-off was not shocking resulting from a number of elements together with much less liquidity on the weekends which may result in “liquidations in extremely levered swap and choices merchandise that commerce outdoors of the U.S.,” exacerbating the downward motion.

Steinglass stated:

“Couple this with the truth that China has been buying and selling weak ever for the reason that Lunar New Yr in each fairness and crypto markets, and a sell-off from the weekend highs, whereas disappointing, will not be notably shocking.”

Stimulus optimism results in new record-highs in equities

The standard monetary markets rallied on Monday as optimism surrounding the current $1.9 billion stimulus package deal signed by President Biden helped dampen considerations associated to rising Treasury yields.

The S&P 500, Dow and NASDAQ all closed the day constructive, up 0.65%, 0.53% and 1.05% respectively. The S&P 500 and Dow each establishing new all-time highs because the buying and selling day closed.

Choose altcoins ignore Bitcoin’s bearish flip

Day by day cryptocurrency market efficiency. Supply: Coin360

Regardless of the bearish flip of occasions, a number of altcoins had been in a position to withstand and rally increased.

Enjin (ENJ) noticed its worth surge 32% to a brand new all-time excessive of $3.00 throughout the early buying and selling hours because the altcoins quantity surged after being listed on Huobi change.

The twin-token system of VeChain (VET) and the VeThor Token (VTHO) additionally moved increased as a excessive quantity spike lifted VET to a brand new all-time excessive at $0.0827. VTHO worth elevated 37% to $0.0119, its highest degree in over two years.

BTC/USD each day chart. Supply: Coin360

The general cryptocurrency market cap now stands at $1.71 trillion and Bitcoin’s dominance price is 60.9%.