Bitcoin sliding down in Crypto market

On Thursday, Bitcoin was down 3.4%, ending the day near $39.9K, and by Friday morning it managed to bounce back above $40.1K, cutting the intraday decline to 2.8%.  While other leading altcoins from the top ten are predominantly declining, from -1% (BNB) to -7.3% (Terra) Ethereum has lost 2.5% in the last 24 hours, and the only exception was XRP, which added 5.4% during this time.

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The Bitcoin dominance index fell by 0.3% to 40.7%. According to CoinMarketCap, the total capitalization of the crypto market, declined by 2.8% per day, to $1.87 trillion.

By Friday, once again the cryptocurrency suspicion and greed index returned to the intense fear territory, losing 6 points to 22. Losing all of the prior gains, US stocks failed to construct on the offensive, leading to a more powerful selloff for bitcoin compared to alternative cryptocurrencies.

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From the technical side, Bitcoin is trading near the support level which is comparatively low through the months of January, February and March. A traditional signal to break the support will be considered a failure under the previous lows in the $38K area.

CEO of BlackRock, Larry Fink said that the largest asset governance company continues to study the cryptocurrency sector.

Amazon CEO Andy Jassy said that his company has no plans to introduce payment methods in cryptocurrency in the near future, although it is exploring the possibilities of digital assets. But, he thinks that the tomorrow of cryptocurrencies and NFTs is fruitful and productive.

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Anupama Das

An active reader and follower of news. A budding journalist tries to spread authentic news to people.

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