The latest crash in the cryptocurrency space has slashed nearly $2 trillion in market capitalization and pushed the three largest crypto lending firms, Three Arrows Capital, to Voyager Digital. voyager digital lend and borrow Follower: 0 view Profile and Celsius network Celsius Network [email protected] lend and borrow Follower: 1 view Profile , in bankruptcy. Needless to say, the situation has been brutal.
Recently, after two months of bearish destruction, the cryptocurrency managed to hold a firm grip on the bulls. However, they could not manage to last long, and the market is now bleeding again.
The broader cryptocurrency market has now fallen below the $1 trillion market cap. The world’s first cryptocurrency, bitcoin, hit its weekly low early today. It crashed before moving above the 200 weekly moving average and is not finding any way to convert the resistance barrier into a support barrier.
At the moment, bitcoin is trading at $21,172 with a drop of 3.40% over the past 24 hours.
This has given rise to speculation among many traders and investors that the major currency may soon see a price decline below the $20,000 mark.
Will bitcoin price fall ahead of FOMC meeting?
This week is crucial for bitcoin and the crypto market as a whole, with the Federal Reserve raising fixed interest rates and a GDP report.
According to reports, the Federal Reserve may increase the interest rate by 0.75% in the upcoming FOMC meeting.
Meanwhile, the crypto industry is under strict scrutiny from the SEC as the agency’s measures increase as market crashes and bankruptcy filings increase.
With the Ripple vs. SEC Controversy Ongoing, The SEC Is Also Investigating Coinbase coinbase [email protected] centralized exchange Follower: 0 view Profile As for the allegations that the crypto exchange listed security tokens, as well as insider trading fees.
These extreme conditions pose a threat to the global crypto market as it is expected to increase volatility.
Rect Capital, one of the leading crypto traders and analysts Reccat Capital Rect Capital Crypto and Blockchain Expert Follower: 0 view Profile claims that the market is ready to face the wrath of bears as Bitcoin and Ethereum, among many other altcoins, will soon fall.