Bitcoin ( BTC), the decline continues since it failed to exceed the $25,000 level, what events triggered the crypto market’s decline?
In recent weeks, especially Positive news from China The crypto market had gained an upward momentum. The gradually rising BTC price, on the other hand, created great confidence in the crypto investor. In the process of BTC’s rise from $ 15,500 to $ 25,200, sharp rises were observed in many altcoins. But when we look back on the last days, we don’t see the greedy crypto investors.
What about the upward momentum for weeks? What factors prevented BTC?
1- Crypto Market Saturation
When we look back on the past process, BTC’s, 15. 500from dollar levels 25. 250 We see that it has shown a strong rise up to the dollar levels. Especially, 15. 500from dollar levels 21. 500 It is striking how appetizing the rise in dollar levels is. of the market ” Bull” is inclined to, 21500testing the dollar BTC It shows that ‘s rises even more by getting support from that point. The $25,250 level, which has worked as both a strong resistance and a strong support in the past, has been tried and sold repeatedly, and the crypto market has been under pressure. be a sign of satietydu.
2- Fed Side News
One of the biggest bearish triggers of BTC Fed news has caused great concern among crypto investors. Especially increasingly approaching Fed meeting increased the selling pressure in the crypto market. Fed Chairman Powell’s statement on March 7 speech on the other hand, it was one of the factors that shook the BTC price until then. The rhetoric from Fed officials, the Fed’s warnings about the crypto sector for banks, BTCto to the decline pushing became one of the main factors. The interest rate decision to be announced by the Fed on March 22 has already aroused fear in crypto investors.
3- BUSD Crisis
When we look at the main factors that triggered the BTC decline, the scandalous events of BUSD stand out. A lot of negative news came from BUSD, the stablecoin of Binance, the world’s most popular and most traded crypto exchange. Another popular cryptocurrency exchange Coinbase’s decision to suspend BUSD,The incredible rate that took place on the side of BUSD withdrawal transactions, Paxos and SEC scandal Then, the decline of the crypto market began. The “BUSD Crisis” supported the decline of BTC, which had reached saturation in terms of price, in the form of fundamental analysis.
4- Silvergate Coup
silvergatereported to the SEC “audit reports” problem has fueled the decline of the crypto market. who stated that they had problems with audit reports. Silvergate was now on Coinbase’s radar . Coinbase, with its statement, Silvergate their payments acceptance won’t had reported. Then, the big drop in Silvergate’s shares played a role in the continued decline of BTC.
