Market Analysts Send Downward Signals To Crypto Assets
Release: 2024/07/05 23:34 Reading: 519
Trending: Market Analysts Issue Bearish Forecast for Crypto Assets
As Bitcoin continues its steep decline, reaching its lowest level in months, market analysts are sending bearish signals regarding crypto assets.
Traders are shedding assets to mitigate risks, as high liquidations persist. According to Coinglass data, a total of $339 million has been liquidated within the past 24 hours, reducing the overall market capitalization to $2.03 trillion. Bitcoin has touched $55,000, while ETF holdings hang in the balance.
Analysts attribute these negative sentiments to macroeconomic factors and predict their continuation for some time. Despite a surge in the value of meme coins, overall inflows remain significantly lower than in previous months.
Market Traders Express Concerns
Traders have voiced their opinions on the market's current state. Peter Schiff has cautioned Bitcoin holders of a potential bear market, noting that the asset's 27.5% decline from its all-time high of $73,000 constitutes an entry into such a market. He further points out that at $54,000, approximately 70% of ETF holders are incurring losses.
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