BTC crash: why is the cryptocurrency market falling?

SAFAKNA TURKEY – Bitcoin (BTC), the fall continues as it failed to break the $25,000 level, what events caused the crypto market to fall?

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In recent weeks especially Positive news from China The cryptocurrency market has gained upward momentum. On the other hand, the gradually rising price of BTC has aroused great confidence among the crypto investor. During the rise of BTC from $15,500 to $25,200, many altcoins saw sharp rises. But when we look back on the last days, we don’t see greedy crypto investors.

How about upward momentum for a few weeks? What factors hindered BTC?

1- Saturation of the crypto market

When we look back at the past process, BTC, 15.500 from dollar levels 25.250 We see that it showed strong growth to the level of the dollar. Especially, 15.500 from dollar levels 21.500 It’s amazing how appetizing the rising dollar level is. market”Bullinclined to 21500 dollar testing BTCThis shows that ‘s is growing even more by getting support from this point. The $25,250 level, which has worked as both strong resistance and strong support in the past, has been tried and sold multiple times and the cryptocurrency market has been under pressure. be a sign of satietydu.

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2- News from the Fed

One of the biggest BTC bearish triggers Fed newscaused great concern among crypto investors. Especially More approaching fed meetingincreased selling pressure on the crypto market. Statement by Fed Chairman Powell March 7 speech on the other hand, it was one of the factors that fluctuated the price of BTC so far. The rhetoric of Fed officials, Fed warnings about the crypto sector for banks, BTCTo to decline pushing became one of the main factors. The interest rate decision that the Fed will announce on March 22 has already raised concerns among crypto investors.

3- BUSD crisis

When we look at the main factors that triggered the fall of BTC, the scandalous events with BUSD stand out. A lot of negative news has come from BUSD, Binance’s stablecoin, the most popular and most traded crypto exchange in the world. Another popular cryptocurrency exchange Coinbase decision to suspend BUSD, Incredible rate that happened on the side of BUSD withdrawal transactions, Paxos and SEC scandal Then the crypto market began to decline. The “BUSD Crisis” supported the fall of BTC, which has reached saturation in price, in the form of fundamental analysis.

4- Coup in Silvergate

Silvergatereported to the SEC problem with “audit reports”caused the fall of the cryptocurrency market. who stated that they had problems with audit reports. Silvergate is now on Coinbase’s radar. Coinbase with their Silvergate announcement their payments Adoption will not reported. Then, the big drop in Silvergate stock played a role in BTC’s continued drop.