2021-4-27 16:53 |
The first month of the second quarter of 2021 is coming to an end. The crypto market is dominated by a positive mood, but it is far from the first month of the year. During the first half of April, the main cryptocurrency was in the range of $54,000 to $63,000, there was no strong volatility, although the price range was not small. From April 18 to April 26, however, Bitcoin quickly became cheaper, reaching $48,000.
Of course, the true cause of the loss of Bitcoin positions is not known, but there are three to which this fall is attributed:
The coronavirus situation in India. Since the beginning of April, the number of cases has been on the rise. Whereas at the beginning of April there were in fact some 90,000 sick people, by the end of the month this number had come close to 350,000. India is considered a consumer country that actively buys various goods and products from other countries. But that is not a fundamental factor here. Typically, risky assets to which we may assign cryptocurrencies affect any adverse events in the world. India is a country with a population of more than 1.3 billion. Provided that the coronavirus in the territory of this country progresses, there is every chance of it going beyond its borders. Since at the moment a lot of institutional investors are invested in cryptocurrencies, they can simply throw off risky assets when the price decreases.The situation is a little similar in Japan. There is no rapid growth of the infected, but on April 25, the emergency mode was introduced. This is done in order to secure the population of the country before the «golden week» – so in the country called a series of holidays at the end of April – the beginning of May. The Japanese economy is considered one of the strongest in the world, so that investors could also take the news as a signal to sell cryptocurrency, so that prices fell in the market.The United States capital gains bill. Joe Biden plans to raise the maximum income tax rate to 39.6% from 37%. Experts state that, once the bill is passed, many investors will choose not to invest in cryptocurrencies.Don’t quite agree with the last reason CEO Messari:
«Biden’s plan to increase the capital gains tax may be a bull signal for a crypt in the long run, especially for DeFi. If the law is passed, more people may choose to keep the crypt for a long time in order to collect tax deductions. And keep funds in DeFi because the DeFi projects offer more flexibility – use of the crypt as collateral for loans and much more. Investors will not rush to sell the crypt, but instead use it for any financial transactions in the framework of DeFi projects.»
One conclusion is that none of the above causes are fundamental to the crypto market. It turns out that all of them could have influenced other markets as well, so there’s no need to worry. The crypto market has shown that it can recover after falling prices. Therefore, the question of when a rising trend will again dominate the crypto market will not be long in coming.
Glassnode’s analytical service confirms the positive sentiment: 21,000 BTC was released immediately after the Binance bitcoin price fell. If you take the average price of $50,000, it’s over $1 billion, which proves that investors don’t want to sell.
As a rule, experienced traders and investors are advised to enter a position on falling prices, which is now observed in the crypto market. You can do this using RevenueBot.
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The post How’s the Crypto Market Coming Along in Q2 2021? appeared first on BeInCrypto.
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