The cryptocurrency market has done a ‘U’ round after the BTC price jumped to the $ 47,000 level before it dropped below $ 44,000. Most cryptocurrencies traded lower with the BTC price falling below the $ 44,000 level.
In recent days, sentiment is not very encouraging for the crypto market. The crypto market was plagued by a variety of unfavorable sentiments including crackdowns from Europe and market reactions to the Fed’s decision.
Bitcoin even hit a daily low of $ 42,727 before bouncing back to the $ 43,535.36 level. With this, the cryptocurrency has lost a total of 7.5% in the week that most of the big falls happened in these two days.
The market took action to liquidate BTC holdings up to 100,000 BTCs were liquidated amounting to more than $ 400 million. The same fate befell altcoin. The Okex crypto exchange is among the largest with a liquidity value of up to $ 5 million.
The crypto market performed well at the end of March when BTC jumped above $ 48,000 and marked its highest level in three months. Yet in April, the development of the crypto market was seen to be relatively slow and bitcoin began to lose value.
Overall, the cryptocurrency correction seems to be deepening, and it is important for the market to find support levels to avoid further losses.
