After Bitcoin (BTC) reached the $30,000 area just a few days ago, the price continues to fall and is trading, at the time of writing, at around $27,500, a loss of 8% in the last 24 hours. Other cryptocurrencies have also suffered significant setbacks: Ethereum (ETH) is down 10% ($1,900), Dogecoin (DOGE) has lost 15% ($0.0789). To give you an overview, according to data from CoinMarketCap, the cryptocurrency market has lost more than $100 billion in valuation since Thursday.
What factors are behind this drop? Some analysts and media outlets point to the main causes as:
📌The influence of US regulators, who have announced measures to oversee the cryptoasset sector.
📌The inflation data for the month of March published by the Federal Reserve (Fed), which have exceeded market expectations and could pressure it to raise interest rates sooner than expected, which would have a negative effect on the price of Bitcoin and other cryptocurrencies.
📌The Securities and Exchange Commission's (SEC) warning about the risks of investing in exchange-traded funds (ETFs) that include exposure to Bitcoin.
📌The Bitcoin price correction is also affected by the global macroeconomic situation. The coronavirus pandemic continues to impact economic activity and the expectations of economic agents.
However, not all "experts" are so pessimistic about the future of Bitcoin and other cryptocurrencies. Some believe that this is only a temporary correction within a long-term uptrend. In their words:
📌Dmitry Noskov (StormGain exchange expert) has pointed out that Bitcoin could benefit if the Fed relaxes its monetary policy to stimulate the economy. According to Noskov, Bitcoin is an alternative store of value to the dollar and gold, which could attract more investors looking for inflation protection.
📌Gracy Chen (CEO of Bitget exchange) has predicted that BTC will maintain a range of volatility between $25 000 and $28 000 in April.
📌Denis Trapezenko (trader and analyst) has indicated that BTC could fall to $23 800 in April due to a bearish divergence on the weekly chart. However, Trapezenko has added that this drop could be an opportunity to buy Bitcoin at a lower price.
There is not much more to say: news, news and more news that only generate uncertainty among investors. Personally, I maintain an optimistic view on the potential of cryptocurrencies as innovative and disruptive digital assets.
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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.
“Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.
"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.
