Data from Cointelegraph Markets and TradingView shows that the price of bitcoin has fallen to $54,600 and, at the time of writing, no buyers have jumped in to stop the decline.
4 hour chart BTC/USDT. Source: TradingView
A number of recent developments have increased the fear, uncertainty and doubt (FUD) factor for the leading cryptocurrency, including rumors of a possible ban on digital assets in India that would criminalize the possession, issuance, mining, trading and transfer of cryptocurrencies.
To add to the bad news of the day, PancakeSwap (CAKE) and Cream Finance (CREAM), two of the main DeFi projects on Binance’s Smart Chain, have fallen victim to a DNS spoofing attack designed to trick users into entering their personal keys on the site.
Both projects immediately notified users of the abuse and advised them not to log in until the problem was resolved. They also reminded them to keep their private keys and passphrases safe and offline. CAKE was down 8.7% and CREAM was down 14.3% before recovering to $110 at the close of the day.
Rising trend remains intact
Despite Monday’s decline, traders are optimistic that BTC will recover quickly. A recent study estimates that up to 10% of the $400 billion in aid to US citizens could be used to buy bitcoin and stocks.
Another bullish sign for BTC can be found in the futures markets, where a record $22.5 billion in open interest in BTC futures indicates that bulls remain optimistic that the current uptrend will continue.
According to Chad Steinglass, head of trading at CrossTower, the early morning sell-off was not unexpected as it was due to a number of factors, including lower liquidity over the weekend, which could lead to the liquidation of highly liquid swaps and options traded outside the U.S., exacerbating the decline.
Add to that the fact that trading in China has been weak since the Lunar New Year, and also in the equity and crypto markets, and the sell-off from the weekend highs is disappointing, but not particularly surprising.
Rising optimism leads to new record highs for equities
Financial markets rose Monday as optimism surrounding the $1.9 billion stimulus package recently signed by President Biden eased fears of rising Treasury bond rates.
The S&P 500, Dow and NASDAQ closed the day on a positive note, rising 0.65%, 0.53% and 1.05% respectively. The S&P 500 and the Dow reached new all-time highs at the close of the session.
Some altshots ignore bitcoin’s downward move
Daily indicators for the crypto-currency market. Source : coin360
Despite the downward turn, some choristers were able to resist and make their way to the top.
Enjin (ENJ) saw its price jump 32% to a new all-time high of $3.00 in the first few hours of trading as altcoin volume increased after listing on the Huobi exchange.
Both VeChain (VET) and VeThor Token (VTHO) also moved higher, with a large volume spike taking VET to a new all-time high of $0.0827. VTHO’s share price rose 37% to $0.0119, its highest level in two years.
Daily chartBTC/USD. Source : coin360
The total market capitalization of cryptocurrencies is currently $1.71 trillion, and bitcoin dominates with 60.9%.
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