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Home > News > BTC Hits a Low of $29, 961 Before Establishing a New Support Level At $30,000
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BTC Hits a Low of $29, 961 Before Establishing a New Support Level At $30,000

Samantha MitchellBy Samantha MitchellMay 10, 2022No Comments3 Mins Read
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BTC Hits a Low
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The BTC hit a low point of $29,961 before trading started on the Asian front. At 11:28 a.m. Singapore time, the Crypto recouped its value to $30,850, stopping the otherwise downward spiral. This is the lowest trading point for the world’s largest digital asset since July 20, 2021, when the price bottomed at $29,805.

For the last month, the BTC charts have been red, and the downward forces have quickly reversed the few greens. Michael Novogratz, the head of Galaxy Digital Holdings Ltd and billionaire Crypto hodler thinks that the charts will “get worse before they get better.”

What is the Genesis of the Bear Cycle?

The Crypto market is bearish as the prices plunge. A Stock market dip precipitated the crash following the revision of the lending rate by a 0.5 basis point. The move is mopping up excess liquidity in the market, reducing disposable capital that usually props up the Crypto and the stock market.

Further, investors are offloading assets such as Crypto and tech stocks that they deem too risky as they seek to hedge their wealth from a volatile market cycle.

According to Josh Lim, the head of derivatives at Genesis Global Trading – a New York-based brokerage, the corporate investors may be under pressure from shareholders to divest from some investments.

The Crypto and Financial Market Cycles Are Intertwined

According to leading financial market analysts Tobias Adrian, Tara Iyer, and Mahvash S. Qureshi, the Crypto and Financial markets are interconnected following the maturity of leading digital assets like BTC.

To illustrate the connection, a crash in one market triggers investor aversion in the other market, forcing widespread sell-offs. For instance, BTC has now declined by 30% in 2022, whereas gold and global bonds have shed 2.5% and 10%, respectively.

It is Time To Invest

The best strategy for owning Crypto is buying in the bear market. Crypto exchange platforms such as Huobi and Binance offer tools that can enable an investor to analyze the market trend.

Forecasting and leveraging the cycles is an ideal strategy for hedging against potential losses and maximizing prospective gains.

Besides BTC, which is down 5.16% at writing, ETH has lost 1.64% in the same period and is trading at $2,396.87. BNB, XRP, SOL, and ADA are down in the range of 5% to 10%.

It is therefore a buyer’s market especially for investors who may want to hodl their digital assets for the long term.

In the meantime, the market capitalization has slid below the $1.5 trillion mark to $1,462,884,498,034. In the last 24 hours, the trading volume was $199,384,098,255 with most orders being sell orders.

  • Author Details
Samantha Mitchell Author

Sam Mitchell is a Freelance Writer & Fitness Instructor from South Africa, living in Australia. She comes to the team with extensive writing and Social Media experience, covering a wide variety of genres from blog posts, book reviews, Whitepapers, blogs and guides to news pieces…and more. Sam has been Freelancing for over 17 years, working with many different clients. You can get in touch with Sam at www.stmwritingsolutions.com

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