In the afternoon of September 20, the bitcoin rate fell to $ 42.5 thousand, dropping in price by 10% per day. The first cryptocurrency has updated at least since August 5, as of 18:30 Moscow time, it is trading at $ 43.9 thousand.The total capitalization of the digital asset market has decreased by 9%, to $ 2 trillion. Against this background, traders’ margin positions for $ 1.25 billion were liquidated, writes RBC Crypto.
Reasons for the fall
Bitcoin continues to decline following other markets, said Vitaly Kirpichev, Development Director of TradingView in Russia. A similar trend can be observed in the US stock market, in the foreign exchange market for the EUR / USD pair and oil. Affects the significant strengthening of the US dollar to all assets in which it is expressed, the expert said. European stock indices also experienced a strong fall. For example, the Stoxx Europe 600 index was down 2.1% (the highest drop since July 19), the German DAX fell by a record 2.2% in two months.
“Market participants are betting on the speedy curtailment of monetary stimulus to the US economy, therefore they are restructuring their long-term portfolios. We can find out about the approximate dates on Wednesday, when the two-day Fed meeting ends. Until that day, nervousness in the markets may persist, ”Kirpichev predicted.
At the moment, the BTC rate is influenced by two factors: the risks of an investigation by the US Commodity Futures Trading Commission (CFTC) in relation to Binance and the crypto exchange’s suspicions of market manipulation, as well as the second package of infrastructure assistance to the economy planned by the US Congress, the amendments of which imply taxation of crypto projects, the presenter noted. analyst at 8848 Invest Viktor Pershikov.
Late last week, two Bloomberg sources reported that the CFTC suspects Binance of conducting its own trades based on customer orders before they are executed. At the same time, no official accusations were made.
This year, the crypto exchange has faced pressure from financial regulators. For example, at the beginning of the month, the Singapore authorities listed Binance as a company that may violate local laws. And in the summer, she stopped trading cryptocurrency derivatives in Europe, and some of the products of the trading platform became unavailable to residents of South Korea and Malaysia.
What will happen next
According to Pershikov, the inability to gain a foothold above the $ 50,000 level has led to the fact that no large margin positions have appeared in recent weeks. This means uncertainty in the market. Participants are waiting for either lower prices for the cryptocurrency, or the beginning of steady growth, the specialist believes.
“I do not see any risks for cryptocurrencies and I believe that after a local correction to the $ 40K mark, the price will be able to find support, after which I expect BTC to recover. The main scenario assumes an increase by the end of the year to the levels of $ 60-65 thousand, so any price reduction by the end of September I will use to increase purchases in BTC, “said Pershikov.
Cryptorg cryptoexchange CEO Andrey Podolyan added that according to the technical analysis of the bitcoin rate chart, “bears” will dominate until the $ 48.85 thousand mark is exceeded. The expert called the bitcoin price drop to $ 43.4 thousand. negative alignment “and warned that a bearish trend could begin with it, and there would also be a possibility of a further decline to $ 30 thousand.
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