The price of Bitcoin (BTC) has dropped by almost 30% in the last 7-days. The number one crypto by market cap dropped below critical support as macro-economic conditions worsen for risk-on assets. The general trend across global markets seems to point to the downside. Related Reading | Bitcoin 3-day Chart Indicates March 2020 Crash Recurrence At the time of writing, Bitcoin trades at $22,400 with a 4% loss on lower timeframes. The downside price action is on pair with losses last seen in March 2020. At that time, the crypto market and traditional market crashed due to the spread of COVID-19 and the lockdown measures imposed by world governments to slow it down. The two-year pandemic shutdown economic activity for certain sectors favored the increase in global liquidity. The latter was caused by central banks around the world. In order to prevent the global economy from crashing, these financial entities expanded their monetary supply. Thus, there was more money to buy things. A portion of this money fled into the crypto market, and what once a March 2020 crash became a March 2021 rally when the price of Bitcoin soared beyond $40,000 on route to an all-time high at $69,000. As BTC’s price and other risk-on assets trended to the upside, and central banks printed more money, inflation skyrocketed and reached a 40-year high on the U.S. dollar. The U.S. Federal Reserve (FED) is trying to stop inflation, and risk-on assets are p...
Coinbase Challenges WBTC Delisting Lawsuit
