The price of the main cryptocurrency fell below $39,000
According to Coinmarketcap, the price of bitcoin has fallen below the $38,500 mark. Over the past 24 hours, the coin has fallen in price by more than 3%.
Bitcoin has not yet managed to gain a foothold above the $40,000 level, after which the rate of the crypto asset continued to fall. At the end of March, the price of BTC was above $48,000, but since then its quotes have decreased by 21%.
The capitalization of the first crypto coin fell to $742 billion with daily trading volumes of $18.9 billion, according to CoinGecko. The share of bitcoin in the digital asset market does not exceed 40%.
Crypto analyst Michael van de Poppe noted that bitcoin is now at a “critical level”. According to him, breaking down will lower the price of BTC to $36,000.
Earlier, Fundstrat strategist Mark Newton also voiced a forecast about a possible rollback of the price of bitcoin to $36,300.
“A break of this level should lead to a full retest of the $32,950 mark without any problems,” he said as well.
The fall in the rate of the main digital coin was preceded by the approval of the head of the US Federal Reserve, Jerome Powell, of the option of multiplying the rate by 50 basis points. The official’s statement provoked another rally in the dollar and a fall in stock indices, some analysts said.
Another factor that influenced the mood in the cryptocurrency industry was the Binance initiative to restrict access for Russian users whose assets exceed €10,000.
However, not all cryptocurrency market players share this point of view, advising not to exaggerate the impact of the global stock market recession. Experts point out that today there are no fundamental events that could have an impact on the local BTC rate to any significant extent.
Moreover, there was information that the largest hedge fund SkyBridge Capital, created by Anthony Scaramucci, intends to transfer most of the assets to BTC and ETH. We are talking about the amount of $7.3 billion under the management of the structure.
The fund began investing in the first cryptocurrency back in 2020. According to Scaramucci, SkyBridge Capital intends to reposition itself to become one of the leaders in digital asset management in the future.
“The pandemic has adjusted our view of our own investment portfolio. The world is divided into before and after: in the world “after” there are much more government budget deficits and uncertainties associated with the development and growth of the financial sector. There is no such uncertainty in the cryptocurrency markets, the growth potential for them is huge,” the businessman said.
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