Market movements across the board have been bearish, and many investors have panicked because of volatile price shifts. The United States has seen a marked shift in federal movements, and the promise of a government bailout across companies has led nowhere.
The last day saw a massive sell-off after the dip in prices sent investors to nearby exchanges scurrying. All the domestic indices rose which was a bear crash relief.
Bitcoin, the world’s largest cryptocurrency has been on a reverse trend by going down on the value chart. The turbulent movement in the S&P market was meek in comparison to the fall in the digital asset world. At the time of writing, Bitcoin was trading for $7,670.90 with a total market cap of $140,117 billion. The double-digit fall also caused the 24 market volume to drop to $39.37 billion.
On March 10, the Dow Jones Industrial Average rose 1167.1 points. This 4.89 percent growth was reflective on the S&P 500 as well. The latter jumped by 4.94 percent or 135.7 points on the charts. The Nasdaq Composite also rose by 3.936 percent, a 4.95 point pick-up. The biggest losers were the SaaS and cloud stocks.
SaaS stocks rose by 3.1 percent, which meant that the stock was one of the biggest losers as well as the smallest gainers on the charts. Experts believed that software companies were being repriced in the public market because of a lower premium rate compared to other companies. The biggest surprise factor was the fact that the bear market had lowered Bitcoin’s yearly gain to 9 percent.
According to analysis, Bitcoin’s short term resistance was clocked at $8460 while a shift towards the $7734 mark would result in more sellers. At the moment, Bitcoin’s temporary seller exhaustion point was at $8158 while the maximum bounce was found out to be $8460.
The current 9 percent gain was in stark contrast to the 45 percent increase that Bitcoin recorded in February. This was only possible due to Bitcoin crossing the $10,000 mark.
Although Wall Street had gained in the short term, the S&P 500 was still at a nine-month low of $2739. This was a 10 percent decrease in the year to date spectrum. Ashish Singhal, the Chief Executive Officer [CEO] of CoinSwitch had stated:
“A general sense of uncertainty seems to be the driving factor of investment decisions made by retail investors across different investment types, including bitcoin.”
Despite the price crashes, cryptocurrency proponents all across the world we’re confident that Bitcoin would recover from its current predicament. Nischal Shetty, the CEO of WazirX placed his bets on the upcoming Bitcoin halving for this price surge. He believed that the halving combined with the increased adoption across the globe will contribute to a price resurgence.
