The cryptocurrency market has been experiencing notable price dips this week. However, the dips have happened not only in the crypto sector but also across all asset classes, given that stocks are also downhill.
The latest financial market recession has been attributed to a new Covid-19 variant that has led to travel bans in Europe, Australia and the United States.
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The dips across the market have created a situation where assets are struggling to make any significant gains. Sylvia Jablonski from Defiance ETFs recently had an interview at CNBC where she stated that she was a “big buyer of crypto particularly at $54,000.
Jablonski further stated that there was no clear direction of where the market will be headed in the coming days, given that the moving averages show a move towards $58,000 or $48,000.
Moreover, she noted that the inflation levels were beginning to cool off because of the dips across the entire financial market. However, she noted that several investors would jump back in and push the prices up, given the current low prices.
She further noted that the cryptocurrency market was not going away, given the rising concept of the metaverse. Cryptocurrencies such as Bitcoin and Ether were needed to transact in this world, which created a situation where cryptocurrencies were good buys.
Crypto market suffers major dips
The entire financial market has been suffering major price dips, except for a few stocks of pharmaceutical companies, amid the news of the new Covid-19 variant. Cryptocurrencies have also suffered from these dips. Recently, the crypto market has reacted similarly to the stock market, given the increased institutional investments.
Recently, Bitcoin (BTC/USD) fell to a low of around $53,800, and while it has recovered slightly and consolidated at $54,000, a pullback is still being witnessed. Recently, on-chain data showed that whales were moving large amounts of BTC to exchanges, attributed to the current recession.
The majority of the market is still making notable dips, except for metaverse coins such as Decentraland and The Sandbox that are still trading in the green zone. These coins have led the market by having the most gains in recent weeks.
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