Havoc in the Crypto Market as Bitcoin Drops to its Lowest Levels Since February
The flagship crypto broke its key support levels on Sunday night amid strong selling pressures that weighed heavily on the value of many crypto assets such as Ethereum, XRP and internet computers.
The sell-offs were fueled by the recent tweet reaction from Elon Musk, which pushed the price of flagship crypto to its lowest price since February after a Twitter exchange suggested that the world's most valuable auto company might diversify its Bitcoin holdings .
At the time of this writing, the world's most valuable crypto asset by market value was down 10% that day as it traded around $ 43,200 on the FTX exchange with a daily trading volume of $ 64 billion. Bitcoin currently has a market value of around $ 808 billion.
The pioneering crypto-asset fell below its key support levels of $ 45,000 for the first time in nearly 12 weeks after the mighty tech billionaire voiced his preference for a social media post suggesting Tesla is doing its entire Could sell $ 1.5 billion in the largest cryptocurrency.
It is important to note that Elon Musk has a strong prosperity in the crypto verse by having a strong following on social media with his market-moving tweets, which, after such a statement, is causing as much outrage among crypto fans as the current one Market sentiment shows that there are cash outflows in the game on the account that many private investors are reducing their exposure.
However, market experts remain bullish in the crypto market, particularly on Bitcoin and Ethereum, as they continue to revolutionize many aspects of the global financial ecosystem and, despite its implied volatility, the long-term fundamentals for many of these digital assets remain completely solid.
To support this upward trend, the latest data from Bitcoin Treasuries suggests increased institutional exposure to BTC as these investors have amassed around 215,000 Bitcoin, valued at nearly $ 10 billion, in the past 4 weeks.
As a result, the data retrieved from Glassnode confirmed that long-term Bitcoin offerings have returned to accumulation mode even if the price is falling.
While it looks similar to the 2017 high, long-term investors today actually held + 8% more of the circulating supply in dormant purses.
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This article was originally published on FX Empire
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