#คริปโต#Bitcoin#Ethereum#Halving#Siamstr#UHUCrypto#Write2Earn #UHUHabit
Hello everyone
Today I have news about the crypto market to update you on. It must be said that during this time the crypto market is experiencing heavy volatility. last Friday The total value of the crypto market plunged more than 7% to approximately $2.55 trillion.
The price of Bitcoin and Ethereum also fell by more than 7%, while other coins such as BNB, XRP, and Cardano also took a hit. What is interesting is that Even though the meme coin trend is strong these days, Dogecoin and Shiba Inu are still being hit by heavy profit-taking, falling more than 12%.
Many people in the industry predicted that The market needs a big correction at some point. before being able to bounce back and continue upwards In the run-up to the next bitcoin halving,
So what causes the price of Bitcoin and other coins? Has it fallen this far? Let me summarize the main reasons. Please listen as follows.
1. The option expired last Friday. Market falls as Bitcoin and Ethereum option expirations total over $3 billion This is normal as the market will fluctuate heavily during this period.
2. Declining hopes for a US Federal Reserve (Fed) interest rate cut. Latest data indicates that US economy It is still strong and inflation is still high. This gives the Fed reason to delay rate cuts. And it is likely to continue to maintain interest rates at the same level in March and May.
3. Forced closure of crypto trading portfolios is increasing. Amid the market's glut of liquidity, figures from Coinglass show that more than 192,000 traders were forced to close their portfolios in the past 24 hours. The largest portfolio closure order was approximately $13.3 million on the OKX exchange. About $543 million of longs and $137 million of shorts were forced to close their portfolios, with Bitcoin and Ethereum taking more than 242 million and 115 million coins respectively. Although painful, it is also an opportunity to go and buy coins when the price is low.
4. Inflows into U.S. Bitcoin ETFs doubled, down 80% from Thursday. Grayscale's GBTC fund saw outflows of $257.1 million, indicating investor confidence. Investing in Wall Street has decreased. After seeing economic data that was not very good
However, famous analyst Michael van de Poppe has expressed his opinion that the market may need to adjust down to retain liquidity first. before returning to soar again in the lead-up to the bitcoin halving.
Whoever is buying, whoever is selling, study carefully. Before deciding And don't forget to take care of your health. Take care of yourself. See you again in the next update.
#DYOR#HODL#CryptoLife
