With the Bitcoin market never having a standard state given its volatility, several sentiments can be seen being expressed even at odd times such as the ongoing massive sell-off. Just as some are panic-selling, some are keen on standing their ground and buying more while also urging others to do the same.
Messari’s Chief Executive Officer and Founder Ryan Selkis seem to fall into the position of the latter. In one of his tweets posted on Thursday, the CEO advocated for the buying of Bitcoin despite the market downtrend.
The CEO of one of the leading crypto analytics service providers in the industry tweeted, “Buy Bitcoin,” in what is interpreted as a buy signal to those who haven’t bought Bitcoin and existing Bitcoin holders to buy more as this could be one of the lowest price points we will ever see the top coin trade for in other years to come.
Bitcoin Continous Downtrend
Regardless of the supposed buy signal, Bitcoin (BTC) hasn’t made any green move. Instead, it has continued to swim in red. Over the past 24 hours, the top crypto has fallen below the $20,000 mark and is currently trading at the $19,000 region with a trading price of $19,659, at the time of writing.
The crypto asset is down 9.2% in the last 24 hours and 16.2% in the past 7 days. This comes after a significant fall from the $23,000 region in the early dates of this month. So far, Bitcoin has a 24-hour range between a low of $19,662 and a high of $21,824.
Alongside its price, the BTC market cap has also plummeted. Its trading volume signals a huge sell-off indicating a possible continuous downward trend. Compared to early January when BTC recorded an increase in momentum indicating accumulation, March hasn’t been a pleasant month so far for the top asset.
From January till now, BTC’s market cap has lost over $100 billion. Its market cap has fallen from a January high of $456 billion to $380 billion as of March 10. Interestingly, BTC’s daily trading volume has recorded the opposite of its market cap and price.
According to data from Coinmarketcap, at its peak so far this year of trading just above $25,000 in February, BTC had a daily volume of $33 billion. However, over the past 24 hours, BTC has recorded a higher trading volume of above $40 billion.
Notably, this could be a result of the violent sell-off ongoing in the Bitcoin market following several negative news including the Silvergate fallout, as well as Kucoin getting sued by New York over the failure to register for approval to let investors in the state buy and sell crypto on its platform.
Global Crypto Market Condition
Negative news has only continued to intensify in the market as the global crypto market continues to demonstrate unpleasant reactions. Silvergate which offered the industry a payments network that allowed customers to exchange U.S. dollars between crypto exchange accounts 24/7 to match the liquidity needs of the crypto market suspended operations last week.
One of the leading crypto exchanges KuCoin has also had a rough Thursday after New York filed a lawsuit. Though the lawsuit is said to be more dangerous to Ethereum (ETH) as New York State Attorney General Letitia James mentioned ETH specifically among the securities laws KuCoin violated, it has also impacted the general crypto market significantly.
Between Thursday and Friday, the global crypto market capitalization has fallen below the $1 trillion mark, down by 8.7%. ETH has fallen below $1,400 support, down by 9.5% over the same period with a current trading price of $1,386.
Other larger altcoins in the market such as Binance Coin (BNB), Ripple (XRP), Cardano (ADA), Dogecoin (DOGE), and Polygon (MATIC) have also fallen 7.5%, 7.4%, 4.5%, 10.4%, and 7.2% respectively in the last 24 hours.
Featured image from Unsplash, Chart from TradingView.