Altcoins News
By Sydney TheCMO
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Crypto analyst BitQuant says investors won't touch Bitcoin at $65,000. The reason? Everyone's scared of a potential U.S. attack on Iran that could send Bitcoin crashing to $50,000.
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Only MicroStrategy's Michael Saylor keeps buying the dip, according to BitQuant's recent analysis.
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BitQuant thinks current prices don't really matter for Bitcoin and Ethereum's long-term trajectory.
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CryptoQuant's data paints an even darker picture. Their research suggests Bitcoin could fall below $40,000, getting close to the long-term holders' cost basis of $38,900.
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The Coinbase Premium Index shows barely any signs of recovery, according to another CryptoQuant study.
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Macroeconomic factors are making things worse. The Federal Reserve's February 20 meeting minutes hinted at potential interest rate hikes, adding another layer of uncertainty.
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Trading volumes tell the same story. Binance saw a significant drop in Bitcoin and Ethereum trades over the past week, suggesting even active traders are stepping back.
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JPMorgan released a report on February 24 that tried to find some silver lining. The investment bank said current price levels might attract long-term investors looking to…
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The derivatives market reflects this caution too. Chicago Mercantile Exchange data from February 22 showed declining open interest in Bitcoin futures contracts.
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Network activity is declining as well. Glassnode reported on February 23 that active Bitcoin addresses dropped over the past month.
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Grayscale Investments announced on February 24 that it won't add new cryptocurrencies to its portfolio in the short term.
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Saylor remains defiant though. The MicroStrategy CEO reiterated on February 21 that his company will keep holding Bitcoin as a strategic asset.
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Smaller cryptocurrencies are getting hammered even worse. Solana dropped to $20 on February 23, hitting its lowest level in months as traders fled to cash.
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The NFT market is crashing alongside everything else. OpenSea reported declining transaction volumes over the past two weeks, showing that appetite for digital collectibles is…
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DeFi is bleeding too. Total value locked across various platforms fell below $100 billion on February 24, according to DeFi Pulse.
The Currency Analytics
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