Bitcoin is once again at its January-low trading at around $36,686, down nearly 6% in the past 24-hours. Ether, the second-largest cryptocurrency by market capitalization, is off by 7.17% and is at trading at $2,534. Major altcoins are also in the red, including Solana, Cardano, and Terra Luna. Avalanche AVAX is down as much as 15.58% in the past 24-hours, while meme coin Shiba Inu has lost 12.45%. And Polygon MATIC is also down by 13.28%. The crypto market is beeping in the red.
A number of active factors have placed markets in turbulence. There are geopolitical tensions between Russia and Ukraine with political commentators saying an invasion is very much likely. And then there is the US president Joe Biden’s upcoming executive order on cryptocurrencies.
Moreover, risk assets felt the impact on the development – S&P 500 Futures traded 1.4% lower at 4,282.50 Nasdaq futures traded 2% lower at 13,716.75. In these choppy times, crypto traders have tweeted support for the crypto market. Michael van de Poppe tweeted that the world has shown why Bitcoin is needed. He highlighted the freezing of accounts in Canada due to the state of emergency prompted by the Truckers’ Protest and the Canadian government’s efforts of stemming the movement.
Michael pointed out that the last week has shown the need for bitcoin, with a focus on freezing of accounts in Canada without a reason and the useless war in Ukraine. He called for a more bullish market. Santiment believes the crowd is favoring shortening over longing on exchanges. It highlighted that the bearish funding can cause liquidations that spike prices in a hurry.
Analysts outlined that price strength in BTC is firmly oversold and the 14-day RSI tracking is at 39. This is the lowest point in over three weeks. Reports highlight that the recent slide has pushed the 10-day moving average on the cusp of crossing over the 25-day MA.