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Cryptos went downstream |  Forexlive

Bitcoin lost 4.5% in the past 24 hours, falling back to $43.3,000. Ethereum lost 4.9% and the price of other major altcoins fell from 3.5% (BNB) to 9.7% (Solana).

Hydra servers have been shut down

According to CoinMarketCap, the total crypto market capitalization fell 4.7% overnight to $2 trillion. The Bitcoin Dominance Index added another 0.1pp to 41.3% on the back of more altcoins weakening. The Cryptocurrency Fear and Greed Index came in at 34 on Thursday morning, having lost 14 points and turning into a state of fear. This is the lowest value of the last two weeks.

The news of the arrest of the servers of the darknet resource Hydra with the confiscation of 540 bitcoins, as well as sanctions against the crypto exchange Garantex could have a negative effect on the entire crypto market.

FxPro’s analyst team pointed out that after several days of declines, bitcoin’s slide accelerated during trading in Europe, hitting two-week lows just above $43,000. The negative dynamics of the cryptocurrency market were facilitated by the fall in global stock indices. The released minutes of the Fed meeting showed harsher than expected rhetoric, which put pressure on all risk-sensitive assets.

DOGE: this dog can’t swim yet

According to Glassnode, the number of bitcoins on exchanges has fallen to the lowest since August 2018. Investors have been withdrawing coins since early March, which is often seen as a signal to keep Bitcoin out of the market for a long time. This reduction in active offer often drives the price up. However, we are also seeing an increase in institutional sales.

Reports that Tesla CEO Elon Musk had become Twitter’s largest shareholder initially sent Dogecoin soaring over 20%, as Musk had previously used the coin to pay for small Tesla goods. Potentially, there could be more apps for Doge on Twitter. However, on Thursday morning, its price returned to the levels of the beginning of the week, still showing that this “dog” is not yet able to swim against the tide, just as Bitcoin cannot become a significant fish against a large pool of stock markets. .

Cryptos went downstream |  Forexlive

This article was written by Alex Kuptsikevich, Senior Market Analyst at FxPro.

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