Wednesday, May 29, 2024

What Happened On The Crypto Market And What To Expect Next?

Bitcoin dropped below $ 40 thousand, Ethereum fell to $ 2.9 thousand, and the total cryptocurrency market capitalization fell to $ 1.9 trillion for the first time since September

Decrease In Hashrate And Bitcoin Price


On January 10, the price of bitcoin for the first time since the end of September fell below $ 40 thousand. During the day, the cryptocurrency fell by 4%.

Last time, a sharp decline in the price of bitcoin occurred in the afternoon of January 6. Then one of the reasons was called the disconnection of the Internet in Kazakhstan during the protests.

Kazakhstan is home to 18% of the world’s bitcoin mining capacity. Due to the riots and Internet outages across the country, the bitcoin hash rate has dropped by more than 16%, to 170 E / hs (exahashes).

Another reason could be a possible increase in the Fed’s key rate in March, against the background of which the S&P 500 and Nasdaq stock indices dropped sharply. Cryptocurrency is believed to be correlated with the American stock market.

The first cryptocurrency is trading at $ 41.8 thousand, and its capitalization is $ 792 billion, according to CoinGecko. In ten days, the asset has fallen in price by 15%.

Fall Of Altcoins And Market Capitalization


Against the background of the decline in bitcoin, the quotes of alternative coins have also collapsed. For example, the Ethereum price dropped to $ 2.9 thousand, while the price of Binance Coin and Solana fell to $ 420 (a drop of almost 20% since 2022) and $ 133 (a drop of 24% since 2022), respectively. The total cryptocurrency market capitalization fell below $ 2 trillion for the first time since the end of September.

What To Expect From The Market In The Near Future?


The correction of the crypto market, which has been observed in the last two months, is almost over, likelihood of events that could aggravate the decline in the crypto asset market or, on the contrary, help him recover, is not excluded.

To understand the situation on the crypto market, you need to follow the events that take place in the United States, the United States has become the main market for blockchain technologies after the exodus of miners from China last summer.

As soon as some messages appear, similar to the Fed’s report on the acceleration of the increase in the key rate, the stock market and the cryptocurrency market immediately react to this information.

Forecast Bitcoin will continue to decline if the negative pressure from the information field outweighs the positive expectations of market participants. There is also a positive scenario in which bitcoin is able to return to $ 50 thousand, but at the moment it is the most unlikely.

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