- The entire market crashed after the long bullish run.
- The might be a healthy pullback to again push towards uptrend in future.
- Bitcoin has setup a new ATH at $69K level.
After the long bullish run, the crypto market has taken a step down presenting bearish signals. All the top cryptocurrencies are sloping down standing on the nerves of the investors. The entire crypto market displays the red trading charts after reaching new ATHs. Significantly, the holders are experiencing a saddened part as the cryptocurrencies are falling in price value.
Users are amazed to witness that all the crypto-assets are dropping in price value at the same time. In this case, investors and users may arise with different queries like is this an opportunity to purchase mainstream cryptocurrencies? Or will it continue to decline more?
As a victim in the crypto industry, we could end up connecting many things for the crackdown of the market. Consequently, there are a number of factors that contribute to the market crash. As a result, the market crash has wiped over $2.5 trillion overnight. A major reason might be the rejection of Spot ETF by the Securities and Exchange Commission.
Additionally, the other major cause would be the announcement from NDRC. During a press conference on Tuesday, China’s state planner, the National Development and Reform Commission (NDRC), stated that the country’s cryptocurrency mining will be cleaned up.
Is It A Pullback?
As a treat for crypto users, the recent bullish rally performed well providing a sweet spot for holders. The mainstream cryptocurrencies hit a new all-time high while Bitcoin almost reached nearly $69,000 and then dropped. So crypto analysts and investors stated that it would be a pullback for bitcoin to result in an uptrend.
Similarly, this market crash might also be a pullback for the crypto market to gradually reach heights in near future. If the market initiates to rise steadily then it may set up a new resistance and support level for all mainstream cryptocurrencies. This market dump has the possibility to be a healthy pullback to again take an uplift rally which is usual.
Since the beginning of this year, most of the cryptocurrencies have gained in massive amounts and the features from each ecosystem is impressive. Moreover, altcoins have surged in triple-digit percents from the start of 2021, while bitcoin made its new ATH to $69K level. On the other hand, Ethereum’s price value has bounced over 400% since 2021. Cryptocurrencies are always volatile, so this market down won’t continue for long, it will again begin to soar.
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