Disappointment for Bitcoin bulls this weekend after Bitcoin dives below $40,000.
Price analysis 3/4: BTC, ETH, BNB, XRP, LUNA, SOL, ADA, AVAX, DOT, DOGE
Due to short-term flights to safety, he argued, gold and the U.S. dollar were profiting at Bitcoin's expense, yet under the surface, adoption was taking place. "At this stage, we're seeing that Bitcoin is dropping down significantly. Why is that? That's because of short-term panic," he said. In another nod to the events of March 2020, both Bitcoin and altcoins should be in for a renaissance as usage increases, Van de Poppe added, this beginning with Bitcoin before expanding into DeFi assets.
Major altcoin tokens managed to avoid the extent of Bitcoin's losses on daily timeframes, broadly keeping these under 5%.ETH/USD 1-hour candle chart . Source: TradingView
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