The market capitalization of the cryptocurrency fell below the 1 trillion mark overnight. Currently, the total value of all BTC is $ 980 billion. Thus, in two incomplete weeks, the figure decreased by $ 180 billion.
The total cryptocurrency market capitalization is $ 1.65 trillion, down 10%. That is, we see that BTC is moving in tandem with the stock market, which closed with a slight decline.
Cryptanalyst Willie Woo, before these events, suggested that the value of BTC would never fall below the 1 trillion mark, but his forecast didn’t come true.
Tesla’s report also failed to produce the expected changes. The fact that the e-car maker is accepting BTC as a means of payment for its four-wheeled vehicles has only briefly affected the course that has turned back after its rapid growth. While the announcement of a BTC 1.5 billion deal sparked a $ 9,000 gain in just 24 hours in early February, the latest announcement was received with much displeasure. Investors, meanwhile, seem to have grown accustomed to upbeat news from Tesla or MicroStrategy.
Other assets losing value
Theta Network (THETA) is losing the most in the top of the market today, still occupying the ninth line. THETA rallied amid expectations for the launch of the third version of the mainnet, however, the announcement of the delay in the release led to a 25% collapse in the price of the token. Cardano (ADA) turned out to be the most stable – over the past day, its rate fell back by only 3%.
What is the reason?
It looks like the strengthening of the dollar has negatively impacted the cryptocurrency. The accelerating recovery in the US economy makes the dollar a safe haven for investors, while the dollar is growing relative to other currencies.
Historically, BTC has moved forward amid a weakening dollar, repeating last year’s situation. The trade conflict between the EU, the US and China also appears to be affecting investor sentiment. This narrative is likely to create an increasingly harsh environment for BTC to thrive.
BTC price expectations for April
According to some analysts, the downward trend may continue. According to Glassnode CTO, support up to $ 51,000 is unlikely to succeed, because only a few investors have made additional purchases in this price range. In his opinion, BTC can stop at the support of $ 47,400.
However, the approaching expiration date of BTC options in the futures markets may counteract this. The $ 6 billion contracts expire these days, according to co-founders Jan & Yann.
Accordingly, “price expectations for April are high as many investors are betting on $ 80,000”. So there could be a BTC show at the end of the month. As the price of BTC continues to fluctuate between resistance and support, Bitcoin ETF orders are piling up at the US Securities and Exchange Commission. Goldman Sachs and Fidelity, two investment giants, are in the midst of seeking permission from the SEC to launch it. At the moment, the agency has rejected all applications for opening an exchange-traded BTC fund.