⚠️ ALERT ! WHY ALTCOINS FALLEN SO BADLY ⚠️
The cryptocurrency market is experiencing a downturn, with Bitcoin dropping below $58,000 and altcoins also seeing significant declines. The bearish sentiment is driven by several factors:
Mt. Gox’s Repayment: The impending repayment of $10 billion in BTC and BCH is causing panic selling.
Federal Reserve’s Hawkish Outlook: Recent speeches and minutes from the Fed indicate a likelihood of rate hikes, contributing to market uncertainty.
Options Expiry: Over 17,500 BTC options are set to expire, with a put-call ratio suggesting bearish sentiment among traders.
Liquidations have reached $300 million, and the global crypto market cap has fallen to $2.15 trillion. Despite the current fear, some analysts suggest the market could rebound, advising against shorting Bitcoin and altcoins. The US dollar index and Treasury yields are also influencing the market, with potential rate cuts on the horizon. A recovery above $61,000 for Bitcoin is anticipated by the end of the week