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Crypto Market Rally Stalls, Bitcoin Drops 5%
Abstract：After reaching a high of almost $45,000 on 2 March, Bitcoin dropped heavily in the past 2 days. The digital asset crashed by more than 10% within the last 48 hours and reached a low of $40,600 on 4 March.
On Friday, BTC dipped below $41,000.
The market cap of digital assets plunged below $1.9 trillion.
Q4 2021 volumes have gone up or down and how much？
Overall, the digital assets lost nearly $200 billion worth of market cap since 2 March. The plunge was led by Bitcoin. However, Ethereum, BNB, XRP, and Cardano also dropped sharply during the mentioned period.
Earlier this week, the crypto market defied all odds and jumped significantly. While volatility remained high across global financial markets, the trading activity increased enormously in the digital asset space due to its volatile nature.
Marcus Sotiriou, an Analyst at GlobalBlock, believes that despite the recent dip, some of the indicators of the Bitcoin network remained strong.
“Despite the fall today, on-chain metrics from blockchain analytics firm IntoTheBlock shows that 180,000 Bitcoin has been withdrawn from exchanges this year, as the net flow has once again turned negative. The last time we saw outflow being consistently negative was in early November when Bitcoin reached a new all-time high. Bitcoin being withdrawn from exchanges is bullish as it indicates these market participants are long-term holders,” Sotiriou said.
Crypto Market in Russia and Ukraine
Crypto trading volumes in Russia and Ukraine are surging over the past few weeks. Earlier this week, Ruble-denominated BTC volume reached its highest level since May 2021. Across Ukrainian markets, Bitcoin premium has increased as well.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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