Market Status: Crypto Market Suffered Crazy Liquidation
The sudden decline on December 3rd to 4th marks Bitcoin’s biggest price drop since a May sell-off. Bitcoin slumped from over $57,000 to under $43,000 over a 24-hour period, with a nearly 25% decline, which was 37% lower than the historical high of $69,000 a few weeks ago. In addition, almost the entire cryptocurrency market was showing a downward trend.
Bad News: Exacerbate the “Flash Crash” of Bitcoin
- Cryptocurrency Platforms Withdrew from Chinese Mainland Market
Under heavy supervision, the cryptocurrency trading platforms Huobi Global, Binance, MEXC, Bitget, KuCoin, Poloniex, etc., as well as the mining pool F2Pool, the physical mining platform Mclouds will be withdrawn from the Chinese mainland market before December 31st this year. It is not the first time that China has banned crypto activists in the country. And every time one of these bans was announced, it has had a negative effect on the market. On May18th, China announced a cryptocurrency crackdown, and the next day, the cryptocurrency market crashed. The Bitcoin price finally fell from $63k to $30k. Evidently, the sanctions impact on the crypto market is heavy and may even hit the bitcoin price fall below $30K again.
- Calls for Prohibiting Cryptocurrency Mining in Europe
Recently, the Swedish authorities are requesting regulators across Europe to unite and formulate legislation to combat cryptocurrency mining projects that use excessive energy in accordance with the Paris Agreement. Bitcoin mining energy consumption has been one of the most addressed issues in the crypto space. Concerns over its energy consumption and environmental impact had been reasons cited during the China crackdown that saw miners exit out of the region en masse. The once bitcoin mining capital of the world had seen its hashrate crumble to zero following this move. Therefore, the mining crackdown in Europe is likely to cause a new round of decline in the price of Bitcoin in the future.
- Serious Impact Brought by Omicron on Crypto Market
Affected by Omicron, a new coronavirus variant, traders tended to sell off their riskier assets since worrying about this virus. Recently, Maria Van Kokhoff, technical director of the WHO’s health emergency project, said that this new COVID strain has swept through at least 38 countries and regions around the world, including 6 regions under the WHO. The Director-general of IMF Georgieva indicated that this new virus which spread quickly will slow the pace of global economic recovery and weaken market confidence.
Technical Indicators: the Market Carnage will be Continued
Bexplus chief analyst Justin Kwok indicated that according to the RSI and MACD indicators, the top divergence of the weekly trendline has been appearing, and the MACD indicator has been forming a death cross, which means that the downward trend will still remain in the coming month technically. The last time when the death cross of the weekly trendline appeared was April 26th, during which the price of bitcoin fell from $54,331 to $29,549 within just three weeks. On the basis of this decline ratio, Bitcoin is likely to fall to about $31,000 by the end of December.
How to Make the Most Profit under the Slump?
From the prediction above, we know that Bitcoin may start a plunge movement. How should we invest to maximize our benefits? In fact,100 times leverage futures trading can help you make the most profits. With futures trading, you can either buy up (go long) or sell down (go short), which means that you can take profits whether the market rises or falls. What’s more, there is 100 times leverage to magnify your profits.
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