March 7, 2021

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Market overview 23.3.| BTC / USD – A look at the world economy and how it can affect Bitcoin

3 min read
Market overview 23.3.| BTC / USD - A look at the world economy and how it can affect Bitcoin

overview of terms

Today, in the market overview, let’s see how world markets ended Friday’s trading. And will we ask ourselves whether the Bitcoin price will pull up.

 

Crypto market currently has a total market value of $ 168 billion. The decline from high in 2020 is $ 133 billion and bitcoin dominance is 65.2%.

 

The best growth yesterday was:

Swipe

 

Swipe (SXP) $0,643728 USD (39,47%)

 

Decred

 

Decred (DCR) $11,28 USD (5,28%)

 

The biggest drop was recorded:

IOST

 

IOST (IOST) $0,003028 USD (-11,02%)

 

Ren

 

Ren (REN) $0,036019 USD (-10,76%)

 

THETA

 

THETA (THETA) $0,065598 USD (-9,58%)

 

Zcash

 

Zcash (ZEC) $30,17 USD (-8,94%)

 

All datas are from coinmarketcap.com

 

World markets yeterday

SP500: -4,34%. NASDAQ: -4%.  OIL: -15,3%. GOLD +1,8%. DOW J. -4,5%

[BTC / USD] In 2020 to present value: -15.22%

 

Bitcoin has stabilized over $ 6,000 over the weekend and is now waiting for world markets to open on Monday and what will happen next. We see it all the time, the number of those infected is rising, the number of economic constraints is also increasing, and it will soon start in the US. I do not think we have seen this year’s bottom on the world markets, quite the contrary.

 

Bitcoin should move similarly to world markets, it has been copying exactly the movement for a month. In the long run (if the crisis continues), the fact that the fall was stopped by a financial injection last week means nothing at all. Sooner or later, we will fail again and quite possibly in the next week.

 

Market overview 23.3.| BTC / USD - A look at the world economy and how it can affect Bitcoin

 

But speculation over halving still contiue, if it does not drag the price of Bitcoin up for a while. I think that the price increase will occur after halving. It is quite possible that we will still fall below $ 5,000, possibly below $ 4,000. The crisis caused by the coronavirus pandemic is not over and economic damage is not over as well.

 

Estimates say we can do it by summer, I personally think maybe by autumn. This means many months in a loss where people do not buy cars, do not invest, do not buy clothes, electronics etc. When you think about it, the damage is just starting and will have an impact on the stock of companies. It is very real that many companies will go bankrupt and therefore even the indices will go down.

 

Price could be below $ 10,000 for Bitcoin for months. I do not exclude that we will wave on charts, it is possible that we will go up two maybe (even three thousand USD) and also a similar amount of drop.

 

But why not, we need to realize that we were on top this year at a time when the total market was $ 306 billion. Now it was under $ 150 billion, which is significantly less money and it will probably happen that 1-2 whales will agree and send it up or down wherever they want. The less capital in the market, the worse. There is just a bad situation on the market right now and I don’t think we’re going upstairs and that the new bull market is in sight.

 

If we open badly at 9 am, Bitcoin will not keep the price of $ 6,000 and go down. If it opens well at 9 am, the market will grow.

 

Selected coins from top capitalization yesterday:

Bitcoin

 

Bitcoin (BTC) $6 177,23 USD (-2.26%)

 

Ethereum

 

Ethereum (ETH) $131,97 USD (-3.94%)

 

XRP

 

XRP (XRP) $0,157134 USD (-1.43%)

 

Bitcoin Cash

 

Bitcoin Cash (BCH) $218,52 USD (-4.16%)

 

Litecoin

 

Litecoin (LTC) $38,16 USD (-4.34%)

 

 

Current price

[crypto coins=”BTC” columns=”1″]

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