What happened to the crypto market?
This morning (March 15, 2023) the crypto market flipped from green to red! Bitcoin (BTC) price dropped more than 7% from $73,750 ATH yesterday to touch $67,000 before bouncing back up. Above $68,000
What do analysts say?
Swyftx analyst Pav Hundal predicts that BTC could correct down to $60,000 or $50,000 if Spot Bitcoin ETF trading volume continues to decline.
Hundal explains, “Investors are concerned about high inflation, and if ETF volumes decline, we could see a significant BTC correction.”
Interesting information
Mar. 14: Spot Bitcoin ETF saw inflows of just $133 million, the lowest in a month. This is down 48% from the 14 day average.
Greta Yuan, Head of Research at VDX, sees BTC's fall as a normal correction after a strong rally.
Metalpha CEO Adrian Wang stated that the correction may reflect the market's adjustment to the upcoming Halving ⛏️ in April.
QCP Capital, a Singapore-based crypto exchange, predicts that volatility will continue throughout the weekend. Waiting to follow the US Federal Reserve meeting on 19-20 March.
Will the crypto market turn green again? Let's continue to follow!
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