Bitcoin Marks Seven Consecutive Red Candles, Paints Gruesome Picture For Market
Bitcoin has now entered perhaps one of its most bearish periods ever. The cryptocurrency which has held up quite nicely through all of the market scandals is seeing even more bad news ahead. Previously, it has seen a good number of consecutively red closes that have solidified its entrance into a bear market. However, this time around, it seems that the digital asset is ready to set another record, but this time for the worse. Seven Red Candles Anyone that has been following the market recently knows that Bitcoin has been seeing multiple consecutive red closes. This has not been a cause....
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The whole UST debacle has seen traders emboldened in the market against stablecoins. The result of this had been more investors going after the pegs of other stablecoins such as USDT and trying to see if they can destabilize the coin. Most prominent of this had been Tether USD, whose peg saw the most opposition as its peg to the U.S. dollar was heavily challenged. This challenge suggests that there could be more volatility coming. Tether Challenge Ramps Up One thing to note is that periods of challenges like these are mostly arising from periods of extreme market stress and liquidations.....
The crypto market has experienced many bloodbaths in the past. But last week’s crash had more catastrophic effects on the market than recent bearish trends, mainly on the stablecoins. UST, a stablecoin issued by Terraform Labs, is an example that stunned the crypto world as the coin collapsed and dropped its value from $1 to $0.15 between May 9 to May 14, nearly losing 85% of its value. Afterward, on May 16, the Luna Foundation Guard (LFG) announced on Twitter that they had sold out their Bitcoin (BTC) reserves between May 8 to 10 to rescue its stablecoin. Related Reading |....
Bitcoin's last six monthly candles have closed green, tying its previous record streak for bullish monthly candles. Bitcoin has just closed six consecutive monthly green candles for the first time since April 2013. Should history repeat, Bitcoin may enjoy further parabolic gains this year. In April 2013, Bitcoin closed at roughly $140 after posting six green monthly candles. While the markets would retrace to less than $100 over the next two months, Bitcoin would then surge 700% over the following six months and tag prices above $1,000 for the first time.BTC/USD since 2012, 1m candles:....
On Wednesday, the XRP price marked its sixth consecutive loss day after closing in the red below $0.48. Like any digital asset, this continuous close in a loss has significant implications that could be reflected in the asset’s price in the short term. XRP Price Sees Six Consecutive Red Closes The XRP price began a […]
Bitcoin for the past two months has been closing consecutive weeks in the red. The previous week had seen it close its seventh consecutive weekly candle for the first time in history, and although investors hoped that this would end with a reversal, the digital asset has gone on to mark another week in the red. This makes it the first time ever for bitcoin to see eight consecutive weekly closes, causing major panic among crypto investors. Eight Weeks Red Not Bad? Normally when a large digital asset such as bitcoin is closing multiple weeks in the red, it points towards a massive bear....