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US Markets Face One of the Biggest Crashes- Here’s How the Crypto Markets & Bitcoin Price May React
The US markets are experiencing one of their biggest crashes, with a staggering 4% loss in the S&P 500 index. This massive sell-off has resulted in over $2 trillion being wiped out of the market, with the Dow Jones losing over 1,500 points on the day and the Nasdaq 100 now just 2% away from entering a bear market. Notably, mega-cap stocks like NKE, AMZN, AAPL, META, and others are severely bleeding, sending the market participants into full panic mode.
The impact of this crash has also been felt in the crypto markets, with Bitcoin, Ethereum, and XRP taking a significant hit. At present, the Bitcoin price is still holding above the crucial support level of $81,000, but any further drop below this point could have devastating consequences for the entire cryptocurrency market.
Some experts believe that this crash may mark the beginning of a major pullback, while others are optimistic about the potential buying opportunity presented by this downturn. A popular analyst, known only as Gordon, is advising investors to take advantage of the current panic and fear to buy into the market.
The analyst notes that the S&P 500 has taken its worst hit following Trump’s inauguration compared to previous presidents, including Biden and Obama. Despite his controversial stance on cryptocurrencies, Trump has been a strong supporter of blockchain technology and has hinted at introducing more policies to support the growth of the industry. This could potentially be a positive sign for the crypto markets.
However, it appears that the bears are in control for now, with the Bitcoin price plummeting below $82,000 while the trading volume continues to rise sharply. This surge in trading activity is dominated by bearish sentiment, indicating a potential pullback that could see the price drop below $80,000 if support at $81,017 is breached.
While fear and uncertainty are currently dominant emotions among investors, it’s possible that this panic may lead to a rebound in Bitcoin prices as investors rush back into the market. As such, it’s crucial for traders to monitor the situation closely and be prepared to act quickly if the price starts to recover.
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Source: https://coinpedia.org/price-analysis/us-markets-face-one-of-the-biggest-crashes-heres-how-the-crypto-markets-bitcoin-price-may-react/
