Crypto Winter: Stable Cryptocurrency Trading Volume Shows the Real Picture… Find out why!
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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:Moves over $118 million to and from OKEx while withdrawals are suspended
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.
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:Project Wanchain Unveils New Update… Details Here
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.
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
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