“The last 24 Hours seemed to be a recovery moment for Bitcoin and the whole crypto market but all the gains in that recovery have now been erased as the Bitcoin again fell back by about 2% taking the altcoins along with it. The extreme fear in the market sentiment prevails as Bitcoin trades in tandem with the tech stocks after the Fed’s Hawkish Instincts.”
At the time of writing Bitcoin is exchanging hands at $42,860 which is a 2% slide from the peak price yesterday erasing all the gains. The altcoins also see a dive alongside Bitcoin. The fall was registered after the news of potential ban on cryptocurrencies in Pakistan along with the news of the signs that the cryptocurrency miners are accumulating Bitcoin refusing to sell at current prices.
The most likely culprit behind the slide is that the Bitcoin is trading in tandem with the tech stocks which are sliding down in the fear of the Federal Reserve’s hasty moves on increasing the interest rates soon after the year 2018 to tackle the inflation. The investors are waiting on the reversal by Bitcoin and only if the Bitcoin bounces above $46K, a better pump to the upside can be thought of.
As per the fear and greed index, there is an extreme fear in the market with the value lying around 21. Though, many long term investors believe that it is the best time to buy the dips.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as financial advice. Own research on the topic is advisable.
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