In the previous 24 hours, the cryptocurrency market has experienced a significant downturn.
Long position liquidations have occurred in Bitcoin and other alternative cryptocurrencies.
Long positions in the crypto market worth $810 million, including $318 million in bitcoin, had been liquidated at the time of publication.
Bitcoin hash rate falls:
The cryptocurrency market began to correct itself in December of last year, with the majority of positions losing 10-20 percent in a few of weeks.
However, the decline began to accelerate only a few days ago.
The abrupt dip in bitcoin price, as many experts have pointed out, could be linked to the US Federal Reserve's decision to hike interest rates in March and the political unrest in Kazakhstan.
Although it may appear that a country in South Asia has minimal or little involvement in the cryptocurrency sector, it is one of Asia's largest bitcoin mining countries, especially after China banned cryptocurrency mining.
The Bitcoin hash rate has plummeted substantially as a result of the country's instability and power outages, and the outage may have forced some miners to liquidate their holdings and exit the market for an indeterminate amount of time.
Traders are irritated with Bitcoin's price action:
The unfavorable price movement of digital gold could contribute to market pressure, as more traders decide to take profits and exit the crypto market for longer periods of time.
Around the time of writing, Bitcoin was trading at $42,800, down 8.6% on the day.
Ethereum, Cardano, and Solana are among the altcoins that have lost 10% of their value.
What is the next scenario for Bitcoin?
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