Satoshi Nakamoto’s leading crypto coin, Bitcoin, has faced market correction for the last 5 days. BTC has suffered a market loss due to the selling pressure from Mt. Gox Bitcoin payments and Germany’s BTC offloading. Both institutions and individual traders have lost millions from liquidations in the present past.
Bitcoin Struggles With Market Volatility
Fairlead Strategies Founder Katie Stockton, in an interview with CNBC’s Squawk Box, predicts that BTC will drop below $52,000 and find support at around $51,500.
This comes after BTC lost its support level of $60,000. She adds that “Bitcoin has broken some support, suggesting we may see a trading range to the downside, but the trend long-term is still to the upside.”
“Bitcoin has broken some support suggesting we may see a trading range to the downside, but the trend long-term is still to the upside,” says Fairlead Strategies Founder Katie Stockton. pic.twitter.com/wuTJapC4gV
— Squawk Box (@SquawkCNBC) July 8, 2024
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According to on-chain data from CoinGecko, Bitcoin (BTC) is currently worth $55,933, a 1.6% dip in the last 24 hours. BTC has lost 10.7% of its market share in the last week. Bitcoin’s market cap is $1.13 Trillion, representing a dominance of 51.06%. The global crypto market cap today is $2.21 Trillion.
The second largest crypto, Ethereum (ETH), is worth $2,969.60 today, having lost 14.2% value in 7 days. At the time of this writing, Crypto’s Fear and Greed Index reads 28, indicating fear among traders.
Arthur Hayes, co-founder and former CEO of BitMEX, stands by hodling BTC in the current markets. For a long time now, FUD has always driven the selling pressure and FOMO the buying pressure. Arthur suggests that all BTC and crypto traders in general, understand what the market is all about.
In his latest paper, “Newsletter #300—You Have Been Liquidated!”, he tells investors, “I believe fiscal and monetary conditions are loose and will continue to be loose, and therefore, hodl’ing crypto is the best way to preserve wealth.”
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Also Read: German Government Sells the Dip, Dumps 1,338 Bitcoin
