The Bitcoin price was sold on March 15, when the bears pushed the price back into the $ 50,000 range a few days after the (BTC) hit a new historical record above $ 61,000.
Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin has dropped to $ 54,600 and, at the time of this writing, buyers have not yet stepped in to contain the fall.
A series of recent developments has increased the fear, uncertainty and doubt (FUD) factor for the main cryptocurrency, including rumors of a potential ban on digital assets in India that would criminalize cryptocurrency ownership, issuance, mining, trade and transfer.
In addition to the bad news of the day, PancakeSwap (CAKE) and Cream Finance (CREAM), two of the main DeFi projects on the Binance Smart Chain, were victims of a DNS spoofing attack that sought to get users to enter their private keys on the website.
Both projects immediately informed users about the exploitation and advised them to avoid logging in until the problem was resolved. and are reminded to keep their private keys and seed phrases safe and stored offline. At the daily close, the CAKE price fell 8.7% and the CREAM fell 14.3%, before recovering to $ 110 at the daily close.
The upward trend remains intact
Despite Monday’s decline, traders are optimistic that the BTC will see a rapid recovery and recent research estimates that up to 10% of the $ 400 billion pandemic relief for American citizens could be used to buy Bitcoin and shares.
Another upward sign for BTC comes from futures markets, where a record $ 22.5 billion in open interest on BTC futures indicates that bulls remain optimistic that the current upward trend will continue.
According to Chad Steinglass, Head of Trading at CrossTower, early morning settlement was not surprising due to several factors, including less liquidity on weekends, which can lead to “settlements on swap products and highly leveraged options that are traded outside the US, ”exacerbating the downward movement.
Steinglass said:
“Add to that the fact that China has been trading weakly since the Lunar New Year in the stock and crypto markets, and a liquidation of the weekend highs, while disappointing, is not particularly surprising.”
Stimulus optimism leads to new stock records
Traditional financial markets rebounded on Monday, with optimism about the recent $ 1.9 billion stimulus package signed by President Biden, helping to ease concerns about rising Treasury yields.
The S&P 500, Dow and NASDAQ closed the day positive, up 0.65%, 0.53% and 1.05%, respectively. The S&P 500 and Dow set new highs with the close of trading.
Select altcoins to ignore Bitcoin’s bearish turn
Despite the downturn in events, several altcoins were able to resist and rise higher.
Enjin (ENJ) saw its price rise 32% to a new record of $ 3.00 during the first hours of trading, with the volume of altcoins increasing after being listed on the Huobi exchange.
The VeChain (VET) and VeThor Token (VTHO) dual token system also rose as a high-volume peak raised the VET to a new historic record of $ 0.0827. The price of VTHO increased 37% to $ 0.0119, its highest level in more than two years.
The overall capitalization of the cryptocurrency market is now at $ 1.71 trillion and Bitcoin’s dominance rate is 60.9%.