Recently, Cryptocurrencies have taken a massive hit, with Bitcoin plummeting back to $25000, ETHUSD testing $1600, and most altcoins moving lower too.
What has happened?
In China, the latest real estate developer Evergrande had finally filed a Chapter 15 bankruptcy in New York. The action shields the company from creditors within the United States as it focuses on a restructuring agreement in other jurisdictions. The Chapter 15 filing by the Chinese homebuilder pertains to ongoing restructuring processes occurring in Hong Kong and the Cayman Islands.
A report of Elon Musk’s SpaceX selling Bitcoin holdings added to the concerns and fuelled the sell-off even more.
Technically, Bitcoin had approached the important support area around $25000.
Now, two main factors in play are Bitcoin ETFs (the latest one was submitted by Blackrock) and potentially institutional money flowing into BTC, and the other one is a boring fiat-related interest rate from the US).
We are observing the situation closely, but I will look forward to try to capture a reversal pattern around $25000.
Is it the last dip?
What has happened?
In China, the latest real estate developer Evergrande had finally filed a Chapter 15 bankruptcy in New York. The action shields the company from creditors within the United States as it focuses on a restructuring agreement in other jurisdictions. The Chapter 15 filing by the Chinese homebuilder pertains to ongoing restructuring processes occurring in Hong Kong and the Cayman Islands.
A report of Elon Musk’s SpaceX selling Bitcoin holdings added to the concerns and fuelled the sell-off even more.
Technically, Bitcoin had approached the important support area around $25000.
Now, two main factors in play are Bitcoin ETFs (the latest one was submitted by Blackrock) and potentially institutional money flowing into BTC, and the other one is a boring fiat-related interest rate from the US).
We are observing the situation closely, but I will look forward to try to capture a reversal pattern around $25000.
Is it the last dip?