• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Bitneni

  • News
  • Bitcoin
  • Ethereum
  • XRP (Ripple)

Crypto And Stocks Continue To Spiral Downward: Where is the Bottom?

Ronald Henderson/April 19, 2022News

FacebookTwitterReddit
Bitcoin

According to a recent Bloomberg story, the price of Bitcoin might plummet to as low as $26,000 if a “bearish flag” statistical pattern continues to play out. On Monday, the world’s biggest virtual currency had a difficult start to the week, falling beneath $40,000 for the very first time since May. As per Coinglass, $439 million worth of digital currencies was liquidated within the last a day, with long holdings contributing to 88.03% of the total wipeout. Bitcoin futures traders gave up $160.19 million in BTC.

The Federal Reserve’s aggressive reversal has rekindled the dollar boom while also exerting pressure on asset prices notably Bitcoin. According to the US dollar index, the greenback’s strength against foreign currency recently surpassed 100, breaking a two-year high. The core Dow Jones Industrial Average index fell 1.89% late Monday, putting the US stock market in the red.

The Downward Trend Is Projected To Continue

Bitcoin could now be on pace to test a key support value of roughly $37,500, according to the research. Failure to find some sort of footing here might be terrible for bulls. Bitcoin is currently trading at $40,121, failing to recover following a spate of significant losses. It’s dropped 41.81% from its all-time high.

According to Jeffrey Halley of Oanda, the largest cryptocurrency is trading inside the defined range, which has a bottom limit of $36,500. If Bitcoin falls below that level, it will almost certainly lose a lot of money. According to Halley, if Bitcoin rises over the upper barrier of $47,500, a record new high could be within reach. Likewise, Ethereum lost 14% of its value, falling below $3,000 for the very first occasion since March 23. It’s part of a broader pattern, as crypto markets plummeted 8.5% in 24 hours to $1.84 trillion in market capitalization, according to CoinMarketCap.

Mobikwik Leaves Traders Stranded

Tax implementation, combined with MobiKwik’s withdrawal of services spanning marketplaces from April 1 due to ambiguous legislation, has handed crypto trading a double punch. As per data supplied by cryptocurrency market researcher CREBACO, transactions have decreased by some 50% on aggregate amongst cryptocurrency exchanges since last week. WazirX had a 72% decline in volume, as CoinDCX and Zebpay witnessed 52% and 59% drops, respectively. Buyers are now being compelled to use methods of payment such as bank transfers as a result of the withdrawal of the MobiKwik wallet, which has been one of the more popular ways of payment for purchasing cryptos across multiple marketplaces. Exchanges were also using it as their only wallet.

The Government Looking At Possible Damage Control

The Biden administration is attempting to minimize the impact of the newest inflation statistics, which seems expected to reveal that the living costs surged in March, fueling worries of a recession.

On Monday, White House press secretary Jen Psaki told journalists that “we expect March CPI headline inflation to be unusually strong owing to [Russian President Vladimir] Putin’s price hike.” “We predict a significant divergence between core and headline inflation, reflecting global disruptions in energy and food markets [due to Russia’s invasion of Ukraine],” says the report.

Tags:Bitcoin/ CoinDCX/ MobiKwik/ Zebpay

FacebookTwitterReddit
Henderson

Ronald Henderson

Ronald has worked in the computer industry for 5 years when he decided to stand on his own and start his own firm, and he's never looked back. A real hard-worker and go-getter, he is a powerful leader and has made quite a name for himself in the industry. Born and raised in Pennsylvania, he still resides there with his wife and two kids, Mark and Gene. He believes that simplicity is the key to everything in life, including writing, and loves to make his content engaging and easy to understand for all audiences - even those who aren’t necessarily from a technical background.

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

bitcoin

Bitcoin Corrects Higher After Recent $18k Deep But Major Resistance Remains

Crypto payments

Coinbase Halts UPI Payment in India Amid Regulatory Controversy

Bitcoin

Crypto Instability Dwindles but Bitcoin is Outperformed By Altcoins

Footer

Every Bit of Internet!

  • About Us
  • Contact Us
  • Privacy Policy
  • Disclaimer
  • Terms and Conditions

Copyright © 2025

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT