In the past 24 hours, the cryptocurrency market has witnessed a sharp decline of 7.9%. Most major cryptocurrencies have been negatively affected by the overall market decline. Importantly, the altcoin market has sharply decreased from 1.49T USD to 1.38T USD. The recent bearish trend is seen as a consequence of the downturn in the US market and the strengthening of the USD against other major currencies. Yesterday, the S&P 500 index dropped from approximately 5,993.96 USD to 5,909.02 USD.
However, experts still believe that the upward trend in the cryptocurrency market remains intact. Is now a good time to buy when Bitcoin is down? Let's find out. The reason for the adjustment in the cryptocurrency market is due to the sharp drop of 1.38% in the S&P 500 index on January 7. Some prominent US stocks such as Tesla and Nvidia also showed a similar trend that day. Tesla fell from 406.15 USD to 393.65 USD, while NVIDIA sharply decreased from 153.11 USD to 140.14 USD.
Additionally, over the past day, the Euro has increased by 0.46% against the USD, the Japanese Yen has risen by 0.30%, and the Indian Rupee has gained 0.11%, indicating the growing strength of the USD. These factors have negatively impacted the cryptocurrency market, leading to a sudden reversal. In terms of options data, the report shows that short-term implied volatility has increased slightly but remains low. At the same time, the skew of options and the growth of futures contracts do not show significant changes.
In the past 24 hours, the Bitcoin market has decreased by about 5.0%. In just the last hour, this decline has reached at least 0.3%. Experts believe that the current drop is temporary in nature. They point out that solid fundamental factors and increasing demand in the market are important signs of growth potential in the future. Greeks.live, an options trading expert, recently suggested a short-term call option at 100,000 USD as a reasonable strategy.
The cryptocurrency market has been strongly adjusted due to the decline of US stocks such as Nvidia and Tesla, with Bitcoin dropping below 100,000 USD once again, while altcoins have decreased even more sharply. Market sentiment has turned negative. However, despite recent adjustments, the outlook for Bitcoin's upward trend remains very strong. With strategic opportunities in Bitcoin options trading, traders and investors can confidently navigate market fluctuations.
Continuously update the latest information from the cryptocurrency world! Make sure you don't miss any information with hot news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and much more. Should you buy Bitcoin at this time? Experts believe that the current Bitcoin price drop is temporary, creating strategic buying opportunities for long-term investors. Currently, the cryptocurrency market is down by 7.9%, with major altcoins and Bitcoin recording significant declines due to the impact of macroeconomic factors.
