Bitcoin price slump colors the market red – Altcoins bleed even more
The Bitcoin (BTC) price has fallen sharply and is recording great losses. The Bitcoin course quickly lost value. This is also known as a BTC dump. The picture shows a crumbling Bitcoin price on a descending price graph.
The Bitcoin course had to suffer a major setback today. Just this morning the BTC price was around $ 10,970. But the magical 11,000 USD limit could not be broken. This has led to a strong sell-off, which not only hit the Bitcoin price itself, but above all all Altcoins.
Bitcoin price influenced by the stock market
The bloodbath is back and all cryptocurrencies are falling. The quiet weeks have now come to an end and have resulted in dark red numbers. The Bitcoin price plummeted by more than 6% within a few hours. As always, the losers were the altcoins, which had to contend with losses of up to 50%.
The BTC rate is not testing the USD 11,000 limit for the first time. But this time other factors were also the reason for the strong sell-off. The stock market also suffered a slump today and also tore the Bitcoin price down. So the correlation between the BTC price and the major indices still seems to exist.
BTC price tears down altcoins
Because all Altcoins depend on the Bitcoin price and have fallen much more on average, Bitcoin dominance on Coinmarketcap has also increased. the BTC price is still the clock for the entire market and nothing seems to be changing. When panic breaks out, the money from all altcoins flows faster than from bitcoin. This has always been the case and there is no reason why this should change in the future. The Bitcoin course is the law in cryptospace.
Now the question arises whether it will stay with this dump or whether we have to reckon with another sale. Many people say that there is still a future gap at USD 9,600 that has to be closed before things can go up again. On the other hand, the traditional market is currently also giving the direction and this is currently on a downward trend.
The first cryptocurrency is still becoming increasingly popular
Nevertheless, it doesn’t look bad for the Bitcoin price in the long term. The first companies are exchanging their fiat reserves for BTC in order to save themselves from the impending inflation. The first cryptocurrency is not only becoming more and more popular with private investors, but is slowly becoming a recognized financial product for institutional investors.
The last Halvings was a few months ago and the impact of the halved inflation rate is not yet fully visible in the market. This can take a few months or years before the market feels the shortage. There will be another halving as early as 2024, making Bitcoin officially the hardest asset – even harder than gold.
In theory, this would make BTC a better store of value than gold. But it will probably be a few more years before people really understand Bitcoin and look beyond the Bitcoin price. Until then, we will continue to be accompanied by highly volatile times and will not leave the many investors in peace.
We hope that the sale will come to an end soon and will closely follow the situation for you. Stay tuned.
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