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The pressure to sell off cryptocurrencies increased before the second trading session opened

The selling pressure of cryptocurrencies increased before the opening day of Monday

Cryptocurrency traders and investors had a busy Sunday to prepare for global stock markets to reopen on Monday.

The assets from oil, copper to Bitcoin all fell sharply during the trading session last week because of concerns related to the corona virus outbreak. The turmoil in the US market has expanded into the correction zone, pulling back more than 10% during the previous week. Bitcoin has dropped by 2.2% since the US market closed on Friday – recording a decline of more than 11% since Monday.

Dow Jones index. Source: TradingView
Dow Jones index. Source: TradingView

According to The Wall Street Journal on Sunday, Wall Street is preparing for a “turbulent week”.

“There are a large number of people who need cash,” George Gero, chief executive at RBC Wealth Management, told WSJ. “At the moment, there are no safe shelters except US Treasury Bonds.”

Cryptocurrency trading firm B2C2 is forecasting further volatility in the global market after a weekend filled with headlines related to the corona virus, including the first death for this virus in the US as well as data. Data from the National Bureau of Statistics of China show a decrease in manufacturing activities.

B2C2 – has noted an increase in Bitcoin sales activity, hoping the recent figures out of China to move to another move that reduces risky assets.

"This weekend, we saw a move to sell ahead of what appeared to be a difficult session on Monday, expecting another move to reduce risky assets due to China's poor PMI. Quoc, "Scott Weatherill – an employee at B2C2's Japan office, said in a statement to The Block.

Joshua Lim – a trader at Galaxy Digital, a cryptocurrency trading bank founded by the famous former trader Michael Novogratz, told The Block that the enthusiasm of retail investors in the cryptocurrency market has cooled. gradually. As The Block reported previously, OTC desks are seeing more smaller traders buy last week despite Bitcoin being sold off.

“A lot of people joined this weekend,” he said, while noticing an increase in altcoin borrowing. However, he said there was no “panic level of mass” yet.

In a weekend update, trading company QCP noted “enjoy short now.”

However, some investors appear less pessimistic. Su Zhu, co-founder of hedge fund Three Arrows Capital, said a sense of “indifference” strengthened the cryptocurrency market and equity, but in the long run, he expects the sale of cryptocurrencies. No more happening.

“Cryptocurrencies have dropped 70% from their all-time highs,” he said. “US stocks are still not far from the all-time highs.”

He also said the supply shock of Bitcoin halving – expected in May 2020, could also help push prices in the long term.

Rich Rosenblum, co-founder of cryptocurrency trading store GSR, said the company has seen more exciting trading activity in the past two days than last week.

“The bottom line is definitely psychological on COVID-19,” he said.

“Although it will put pressure on risky assets for a while, cryptocurrency sentiment still feels pretty good.”

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According to The Block
Translated by ToiYeuBitcoin

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