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Bitcoin collapsed again yesterday, reminding investors of the instability of the crypto market. It dipped by as much as 10%, giving it a market cap of $ 724,907,570,669.
So all in all, BTC has fallen by 29% from its highest value, and its market capitalization has decreased by $ 500 billion. And although there was an impressive rebound after, which made it possible to compensate for up to 15% of the loss, traders will most certainly not forget this tragic decline.
As for Ethereum, which is currently the second largest cryptocurrency, a massive drop of more than 40% was observed. Meanwhile, Musk's favorite token, Dogecoin, lost roughly 45%.
The sell-off came at a time when stocks and commodities were also under pressure, and when the Federal Reserve released the minutes of its most recent meeting. It disrupted the work of large crypto exchanges such as Coinbase Global and Binance.
But all of these started when Tesla CEO Elon Musk announced that his company will no longer accept bitcoins as payment.
Then on Tuesday, the People's Bank of China escalated the situation, when it said it does not recognize digital tokens as a form of payment. The central bank also imposed a number of restrictions on companies, forbidding them to engage in crypto transactions.
As a result, Bitcoin dropped to $ 29,700, which is very tragic since a month ago it was trading at $ 64,000. But for traders who have long been waiting for a correction, this decline is very good news.
In any case, there is nothing to worry about on the crypto market as long as Bitcoin remains above the 200 MA. Doing so will maintain the bullish trend. Accordingly, a drop below the level will immediately result in a sharp collapse, which is what happened with Bitcoin back in 2018. That time, BTC hit $ 20,000 and started a bear market. The downward movement lasted for two years.
Still, the medium-term forecast for Bitcoin is full of hope, as from the 200 MA, there is a chance of a quick recovery to $ 52,000, and then a sharp jump towards $ 64,000. But if Bitcoin drops below the 200 MA, its value will decline to $ 29,000, and then to $ 22,000.
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