Crypto Winter: Stable Cryptocurrency Trading Volume Shows the Real Picture… Find out why!
The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles
Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles
Answer Crypto Winter: Stable Cryptocurrency Trading Volume Shows the Real Picture… Find out why!
Although there is a lot of hype around the price drop and many speculations about a long crypto winter coming, the numbers don’t seem to be growing to prove it.
Bitcoin has fallen from its peak of $68,000, is down 70% so far and is likely to fall further, with the overall market affected and its total market value dropping below $1 trillion.
Bitcoin bottom prediction:
While traders are anticipating a bottom for Bitcoin, it appears that some of them have already left the market due to the price drop.
The stats reveal that the reality is different from what it seems with the ongoing bearish market sentiment.
Read:MetaMask Wallet updates its privacy policy and announces the collection of IP addresses…details here
According to the figures, the majority of traders have not left the cryptocurrency market but are just waiting for the bottom of Bitcoin.
Ki Young Joo, CEO of CryptoQuant, stated that everyone is talking about downtrends but most of them haven’t left the cryptocurrency market.
In what may be remarkable to many, the market cap of Bitcoin has fallen by 70% from the top while the market cap of stablecoins has fallen by only 11%.
In fact, there are up to $25 billion worth of stablecoins in cryptocurrency exchanges currently.
Joe added:
The stablecoins on the exchanges are now equal to half of the Bitcoin reserves.
We have a $25 billion bullet loaded that could drive up cryptocurrency prices.
The question is when, not how.
Bitcoin price momentum in the bear market:
At the time of writing these lines, Bitcoin is trading at $19,316, down 3.7% in the last 24 hours, according to CoinMarketCap.
After trading above $20,000 for nearly a week, Bitcoin fell back below that level on Wednesday.
Read:Cryptocurrency trading volume exceeded $1 trillion for the second month in a row in March
Meanwhile, bitcoin price may close for the first time this month below the 200 weekly moving average.
In the last three weeks in a row, bitcoin hit a record by closing below the main metric.
After the historic collapse of Project Terra last month, several countries have proposed tighter regulations for crypto space.
Special regulatory actions are planned for stablecoins as well.
To prevent future Terra-like events, the UK has come forward to propose safeguards to protect stablecoins from losses.
Read also:
The Cardano team begins the countdown to the highly anticipated “Vasil” promotion…Details here
Trading platform “CoinFLEX” sends default notice to Mr. Roger Ver…Details here
And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time