The Currency analytics
By Sydney TheCMO
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.
Only MicroStrategy's Michael Saylor keeps buying the dip, according to BitQuant's recent analysis.
BitQuant thinks current prices don't really matter for Bitcoin and Ethereum's long-term trajectory.
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.
The Coinbase Premium Index shows barely any signs of recovery, according to another CryptoQuant study.
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.
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.
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…
The derivatives market reflects this caution too. Chicago Mercantile Exchange data from February 22 showed declining open interest in Bitcoin futures contracts.
Network activity is declining as well. Glassnode reported on February 23 that active Bitcoin addresses dropped over the past month.
Grayscale Investments announced on February 24 that it won't add new cryptocurrencies to its portfolio in the short term.
Saylor remains defiant though. The MicroStrategy CEO reiterated on February 21 that his company will keep holding Bitcoin as a strategic asset.
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.
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…
DeFi is bleeding too. Total value locked across various platforms fell below $100 billion on February 24, according to DeFi Pulse.