A selloff took over the cryptocurrency market on April 7 after the price of Bitcoin (BTC) fell below $ 56,000.
The market-wide sell-off led to $ 1.4 billion in sell-offs and some analysts suggested that this could be the final sweep of overleveraged long traders before Bitcoin can make a move towards the $ 70,000 level.
One sign that the market had gotten ahead of itself over the past week was the rapid rise in the Kimchi premium, which was followed by a seven percent decline in the price of BTC on April 7, as traders they worried that it might be the sign of a market top.
Despite the market downturn, analysis of on-chain data suggests that Bitcoin could soon rally to a new all-time high as whales, miners, and long-term holders have declined or stopped selling altogether. and institutional demand remains high.
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Traditional markets are approaching their all-time highs
Equity markets traded near their all-time highs on Tuesday as accelerating job growth, record levels of service activity and expanding manufacturing led to unexpected optimism that boosted equity prices.
Despite these positive news, the Dow and the NASDAQ closed down 0.06% and 0.16%, respectively, while the S&P 500 managed to end the day with a gain of 0.06%.
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Coinbase listing provides some relief
Some altcoins managed to climb throughout the day after Coinbase revealed that it would include 1INCH, Enjin (ENJ), New Kind of Network (NKN), and Origin Protocol (OGN) on Coinbase Pro.