With the strengthening of the USD by 0.28 percent, there has been a downward pressure on the American Stock market as well as the crypto market. Bitcoin on Thursday fell by 5% to touch $48,000 taking the altcoins with it, creating a red display all over the crypto list.
Bitcoin took a hit of 5% on Thursday and dragged with it the whole crypto market that is now completely in red. Bitcoin touched $48,000 and then recovered a bit and hovering around $ $48,500 at the time of writing. The American Stock Market as well as the Crypto Market is feeling a downward pressure from the strengthening of the US dollar by 0.28%.
The trading volume in the cryptocurrency across all the major exchanges has been quite low in recent days which is another reason for the fall of the prices of Bitcoin and corresponding altcoins. Various uncertainties around the crypto regulation and the low volume has lessened the chances of a bull run into 2022 as it was expected that prices would rise again around the holidays and much more at the beginning of the year.
Bitcoin is hovering below the 100 day moving average for some time now, the average is acting as a resistance hard to break for Bitcoin and until and unless this resistance level is broken, there will be high volatility in the market, experts believe.
Disclaimer: The article should not be considered as any financial advice. It is advisable to conduct thorough research before investment.
Photo by – parveender on Pixabay