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Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence

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According to TradingviewBitcoin, the world’s most popular cryptocurrency, hit a new low of $20,828 at the start of the week. Due to this new price, BTC lost 16.54% of its value in less than a day – almost $5,000.

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Despite being the largest and most well-known cryptocurrency, Bitcoin is known for its huge ups and downs as well. For example, in November 2021, the BTC price skyrocketed to an all-time high of over $69,000 before dropping to just under $30,000 by early 2022.

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| Long-Term Bitcoin Holders Realize March 2020-like Losses Due to BTC Crash

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Bitcoin’s value peaked above $30,000 on June 1, 2022, but fell below that level the next day. It is currently trading below $22,000. This decline comes as TerraUSD stablecoin broke its $1 peg and Luna subsequently fell.

Additionally, it reflects global financial uncertainty driven by rising inflation as investors seek to sell “riskier assets” such as cryptocurrencies.

Bitcoin 3-Day Chart Points To March 2020 Crash

The 3-day bitcoin chart indicates a repeat of the March 2020 crash based on the current state of the bitcoin market. Bitcoin’s popularity as a safe-haven asset began to decline in March 2020. In just two days, it lost half its value.

After opening the week above $9,000 on March 13, 2020, the cryptocurrency suddenly dropped below $4,000. However, by the time markets closed in the US, it had returned to around $5,400.

bitcoin price chart

Bitcoin is currently trading below $22,000 on the daily chart | Source: BTC/USD chart from tradingview.com

Regarding the March 2020 crash, Joe DiPasquale, CEO of BitBull Capital, said the global coronavirus pandemic has forced investors to move their money into cash as a form of protection.

He also added that Bitcoin’s potential as a safe-haven asset is being called into question due to this sharp decline. But he believes it is too early to look for any links between bitcoin and other asset classes.

The Reason Bitcoin Drops to New Lows

One of the factors contributing to Bitcoin’s new lows is the cessation of all withdrawals, transfers and exchanges between Celsius accounts.

Celsius, a DeFi platform and one of the largest crypto lenders, has become a major cause of distrust in the bitcoin market.

| Did Rich Dad Poor Dad Author Change His Mind About Bitcoin? Bitcoin crashed to $23,000

The network announced that it has suspended withdrawals, exchanges and transfers between customers via Celsius. This announcement was made in the early hours of June 13, after bitcoin dropped below $24,000 and the entire crypto market lost about $250 billion in just seven days.

Since the company ad stated:

Due to extreme market conditions, today we are announcing that Celsius is suspending withdrawals, exchanges and transfers between accounts. We are taking this action today to help Celsius meet its withdrawal obligations over time.

             Featured image from Flickr and chart from TradingView.com



Credit : www.newsbtc.com

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