Bitcoin drops to critical level

Cryptocurrency markets cannot get out of the downtrend. Insufficient purchases also negatively affected dominance. Bitcoin saw the lowest dominance value of the year. The Christmas holiday, the expectation of the Fed’s interest rate move, global inflation, Iran’s ban on crypto currency mining, regulations also support the negative atmosphere in the crypto money markets.

Cryptocurrencies are headed for losses. With the end of the year and the Christmas holidays in some countries around the world, the habit of switching to cash in money markets is taking place this year as well.

The wave of sales that started with the leading cryptocurrency Bitcoin continues. Bitcoin, which entered the bear market, could not catch a strong rise. Bitcoin, which fell from $ 69 thousand in November to $ 45 thousand today, lost 35 percent to its investors. Bitcoin started 2021 at $29,132. At the point we have reached today, it is trading at the level of 46 thousand dollars. Thus, it has gained 58 percent since the beginning of the year. If we compare it to its historical high of 69 thousand dollars, this rate rises to 138 percent.

Iran’s ban on cryptocurrency mining for a while to meet its energy needs, China’s war against cryptocurrencies, the possibility of the Fed’s interest rate hike, the steps taken by central banks against global inflation, in addition to the regulatory efforts of money market authorities against cryptocurrencies around the world. With the end of the year and the beginning of the Christmas holiday, the complacency in the crypto money markets increased.

Although Bitcoin bulls turned to buy this week and showed the level of 52 thousand dollars, albeit for a moment, the bears again managed to take the dominance and erase the gains. When the bulls regress to the support of $ 45,000, although they try to dominate in the buying direction, sufficient momentum cannot be gained.

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