The Downfall Continues- Bitcoin and altcoins dip as low as 6%. More To Come?

Someone said it right. Bitcoin’s price movement is a reflection of the overall fraction in the crypto market. In the last 2 days, the whole crypto market took a major hit. The total value of the industry has fallen 3% as investors get synced in the fear of further loss.  

Notably, Bitcoin’s value is reduced to as low as $95000. Quite contrary to the initial projections in February. Investors were plotting that Bitcoin would soon reach the resistance mark of $100,000 before the financial year ends. But this rise now seems steeper than it is now.  

Not only Bitcoin. Ethereum faced the same fate. It is gradually slipping down towards a threshold of $2500. This week, the token made a record of fresh lows.  

A section of investors is blaming Jerome Powell’s testimony to the Committee of Senate Banking on Feb 11. After the testimony, the market is grabbed by fear, and it is becoming all the more bearish in no time.  

Negative sentiments prowl 

In quick succession after the testimony, there’s a shock of panic in the whole market. Especially the digital assets market. The testimony is also important from a strategic point of view. It happened right after Trump declared that steel and Aluminum imports will now be accompanied by an increased tariff.  

The market was already going through a bearish loop in the last 14 days. Meanwhile, the testimony came in. Now it seems that the most popular coins will be hitting rock bottom. The hasty movement of the market can be tracked by the disproportionate actions of investors. Liquidations of the sustainable trades in inappropriate volumes show that the market is in panic.  

At press time, Bitcoin has already lost around 3% compared to its previous day’s value. It is now as low as $94875. It is also the lowest point the market could reach this week. Finally, the effect of all the recent gains in the market has been vanquished.  

The crash that occurred on 3rd Feb is static and effective. Meanwhile, there have been no bullish activities to trace the market above.  

Ethereum followed suit. The coin’s value also plummeted by 3% in the last 1 day. Intraday traders experienced a price as low as $2560. It seems the market is almost in a state of shock!  

Bitcoin or altcoin, it’s all the same now. People say that the ETH positions are the only hope that keeps the market and investors lingering.  

Even if there is anything to go by, it is difficult to expect that there will be a reasonable shift in the notion through which the market is going.  

Most coins, including Ripple, SLNA, Cardano, and others, are experiencing a loss in value between 6 and 4%. On that note, it is important to Mark that all three of them posted significant gains in recent times. Adjacent to the losses, the SEC responded by accepting the ETF filings against each coin.