The bull cycle for the entire cryptocurrency market including the world’s largest digital currency Bitcoin seems to be over now as bears seem to have taken a hold on the entre digital currency market. At the moment, almost all of the cryptocurrencies in the market are trading bearish. Bitcoin’s price value has even gone below the figure of $50k.
Overall Crypto Market Behavior Bearish As BTC Price Fell To $49k
After enjoying bullish days for many weeks in the first quarter of the present year, the cryptocurrency market has now turned bearish with almost all of the digital assets’ prices going down. Bitcoin (BTC), the leading digital currency in the world by market value has lost nearly eight percent of its price value. BTC price went down to touch the figure of $49k earlier today.
At the time of writing, the price of Bitcoin is trading at around $50,200 and is down by more than 7 percent in the last 24 hours, according to the data from CoinMarketCap. However, it is not the only cryptocurrency in the market whose sentiment is bearish while many other major cryptocurrencies have also seen their price values going down during the past one day. Ethereum, the second largest cryptocurrency in the world by market value faced a huge loss after recording its all-time high value at $2600 yesterday. Along with Ether, Ripple’s XRP and Binance’s native cryptocurrency Binance Coin (BNB) have also faced losses in price values. BNB is currently trading at around $517 while on the other hand, XRP’s price value is changing hands at around $1.14, at the time of writing.
Why Bitcoin and other cryptocurrencies turn bearish?
Recently, American President Biden purpose a capital gains tax as high as 43.4% for the rich people. This might be the reason behind sudden down spike of all crypto marekt.
However, now the price of bitcoin has decreased around -23% from its top. Market will recover soon as there is no sign of bearish trend. If no other bad news came or we might see BTC at a level of $45k is well.