Bitcoin Needs Big New Buyers Or Rally Will Be A Big Question

Bitcoin capitalization is again below $ 1 trillion amid a pullback in stock indexes and a speech by Fed Chairman Powell.

During the third largest correction in this bullish cycle, Bitcoin has already lost about $ 10 thousand (16%) from the highs of mid-March.

The price of the first cryptocurrency on Thursday dropped to $ 50,400. The capitalization of BTC was again below the trillion-dollar border – in two incomplete weeks, the figure fell by $ 180 billion, writes ttrcoin.

Bitcoin has recently been moving again in tandem with the stock market, which has also been undergoing a correction since mid-March.

Fed Chairman Jerome Powell, speaking before the US Senate Banking Committee on Wednesday, said the regulator was not worried about the recent rise in long-term bond yields.

In his opinion, the observed phenomena can be explained by the optimism of investors regarding the recovery of the American economy against the backdrop of an increase in vaccination against coronavirus.

Thus, Powell did not express his willingness to carry out the intervention that the market was waiting for in the event of a rapid rise in government bond yields. As a result, assets that have shown explosive growth throughout most of the pandemic are now correcting downward.

The European Securities Market Authority (ESMA) in a new report warned of the risks of losing all funds when investing in digital assets such as bitcoin. According to ESMA, the lack of regulation deprives investors of guarantees and security.

“The crypto market needs more and more support. News from Tesla or MicroStrategy has ceased to stimulate the market as strongly as it used to be. Bitcoin needs new big buyers, and if they do not appear soon, the rally will be a big question, ”- said the team of analysts at FxPro.

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