What’s going on with cryptocurrencies? Bitcoin, Ethereum, Avax are on the rise…

The cryptocurrency market continues its volatile course, where technical analysis and expert advice are useless. Bitcoin fell below $20,000 and Ethereum below $1,000, and the psychological limit was exceeded. From this point on, the uptrend began to take place and the bull trap emerged.

The dark clouds on the decentralized cryptocurrencies, some of which have no basis, story and counterpart, are not dissipating, which seems to be one of the most popular investment tools in the global markets recently. While cryptocurrencies are rising one day, the other days are witnessing sharp decreases. In an environment dominated by a bear market, investors try to protect their capital, but sharp declines create concerns and sell at a loss.

The downward wave that started with the leading cryptocurrency Bitcoin deepened over the weekend, and Bitcoin fell to $ 17 thousand 588. With the impact of the sharp decline in Bitcoin, other cryptocurrencies also broke the critical support levels downwards. Ethereum slumped as low as $880 and altcoins also suffered from the general decline.


In order to curb rising inflation in the USA, the Fed is going to increase interest rates. The Fed, which made the highest interest rate increase in 28 years, increased the interest rate up to 1.75 percent. US inflation, on the other hand, was at the highest level in 40 years and was announced as 8.6 percent. Despite the fact that the real interest rate was 6.85 points behind, the interest rate hike prompted a situation of vigilance by the markets. Cryptocurrencies have suffered the most.

The US Federal Reserve also tightens its balance sheet, thus reducing the abundance of dollars in the market, turning the money into investment rather than spending, and reducing inflation by slowing down a little bit in the market.


Countries set some conditions to take control of the cryptocurrency markets. Many measures are emerging, such as taxing cryptocurrencies and banning them in some countries. However, in general, there is no such thing as cryptocurrencies becoming an organized market or having rules. Cryptocurrencies can be transferred very easily and its record cannot be legally detected. Although countries are trying to pass laws to prevent this, a strong and regulatory law has not yet been enacted.

However, the work of countries on the legalization of cryptocurrencies continues at the draft and commission stages. With the regulations that will come out in the coming years, crypto money markets will be organized and transactions will be carried out according to certain rules.


The costs in cryptocurrency mining have almost reached the breakeven point. Items such as electricity and personnel expenses increased the costs considerably. The recent rise in energy prices has made it difficult to access energy. Some countries have banned cryptocurrency mining due to excessive electricity use. Cryptocurrency miners have therefore started to create finance for themselves by selling the assets they hold in their wallets.


The extreme volatility of cryptocurrencies, the absence of margin gaps, experts spreading biased and fake news, and ineffective fundamental and technical analysis have shaken the confidence of investors. While those who lose in the crypto money market try to stay away, those who will enter the market are worried due to excessive volatility.


Leading cryptocurrencies declined sharply and an upward movement started from a certain point. Bitcoin, which fell to 17 thousand 588 dollars, started to rise and rose to 21 thousand dollars again, although there was no clear development. The expectation of a bull trap in Bitcoin, which rose sharply in a short time, began to increase. A bull trap occurs in markets that are going up from support levels. Those who collect assets at low create a bullish perception and at some point withdraw from the market by selling their holdings. Other investors in the middle are left alone with their depreciated investments.


There is no regulation for crypto money markets in Turkey. For this reason, people who comment on crypto money, give advice, do fundamental and technical analysis should not be respected. While people working in the capital market are allowed to take the exams opened by the Capital Markets Board and get a license and to become a specialist with this license, since there are no rules and authorities in the crypto money markets, anyone with or without knowledge can comment and give advice. People who introduce themselves as crypto money experts who make comments and advice by considering the interests of the institutions they work for should not be trusted.


The leading cryptocurrency Bitcoin is trading at $ 20,661 with an increase of 9 percent. Bitcoin is trading 70 percent behind its historical peak at $69,000.


Ethereum, which was badly injured by the sharp fall over the weekend, bounced back above $1000. Ethereum is trading at $1122, up 13 percent.


Avax, which has been falling hard for days, is making an upward movement from low levels. Avax is trading at $16.93 at a 16 percent premium.


Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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