The most feared day in the crypto market has arrived. Every single cryptocurrency lost heavily in valuation. Investors are rushing to see why this happened, while tokens are losing more and more value. What happened with cryptos? Why is Bitcoin down? Why did crypto investors wake up to such a losing crypto day? Well, there is an important factor that traders did not anticipate, and that’s what we’re going to discuss in this article.
The Crypto market and The Stock market are Friends?
The current stock market happens to also be down. This indicator reminisces back to the year 2020 when the stock market also happens to crash. Back in March 2020, the stock market lost heavily when the COVID virus was officially announced, and countries started to close their borders and tighten restrictions. What happened also, was that the crypto market crashed in tandem as well.
Similarly today, we have a new variant: meet Omicron, the Coronavirus variant that is creating FUD in every single market in the world. Scientists don’t know anything about this mutated virus yet, and fear has spread globally. This has caused the stock market to yet again lose big, and the crypto market followed.
The crash started in fact with the closing of the US stock market, and cryptocurrencies started to lose big. Some analysts are saying that big corporations had to sell their crypto holdings to counter the stock market crash effect. Additionally, the end of 2021 is here, and listed companies would want to boost their yearly closing of balance sheets.
Will Bitcoin Prices Recover?
Savvy cryptocurrency experts know that Bitcoin managed to always recover after every crash. In fact, we predicted in a previous article that Bitcoin prices might still correct lower to reach the average uptrend on the daily chart. If prices manage to maintain the 40K-50K territory, prices can consolidate in the medium-term, and we will forget about having a Bitcoin price of $100,000 before 2022.
The Crypto Market at a Glance
In the past 24 hours, all cryptocurrencies are deeply in the red. The biggest losers are 1INCH, QTUM, and FTM losing respectively -29%, -28%, and -27%.
1- Bitcoin (BTC) : – 17.41 %
2- Ether (ETH) : – 15.41 %
3- Binance Coin (BNB): – 14.42 %
4- Tether (USDT) : 0 %
5- Solana (SOL) : – 19.09 %
6- Cardano (ADA) : – 18.57 %
7- Ripple (XRP) : – 19.68 %
8- USD Coin (USDC) : + 0 %
9- Polkadot (DOT): – 22.43 %
10- Dogecoin (DOGE) : – 21.09 %
Stay Strong, Stay Updated
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* This article was originally published here