Bitcoin went below $44,000 after touching the highest price of this year, $48K on March 28th. Along with Bitcoin, major global stocks have also experienced a dip after showing a steady rise on Monday.
The entire global financial market has been driven by uncertainties over the announcements of the Federal reserve on reducing the balance sheet to tame the rapid inflation. Owning to this pivotal announcement, Nasdaq has rolled by -2.52. European stocks also dived down. The Brent Crude Oil dipped by 2%.
Major cryptocurrencies are plunging, with top coins are down by more than 8%. Dogecoin has declined the most among top currencies, with a more than 12% decline in the past 24 hours.
The European Union will be meeting tomorrow to discuss the highly speculated decision of banning Russian Oil and Coal. The Russia-Ukraine armed conflict is going on without any scope of a concrete resolution. The EU has expedited the effort to take this highest measure after pictures of hundreds of dead bodies of Ukrainian civilians found in towns abandoned by the Russian Army have shocked the world.
A total ban on Russian Coal will result in cutting imports worth around $4 billion. Furthermore, a ban on Russian Oil can add another $70 billion to total European union imports from Russia.
Currently, Bitcoin has breached crucial support of $44500. The next local support is around $42,00, while the key support is $39,013. As forecasted by crypto analysts, Bitcoin price is expected to go below $40,000 before picking up a strong uptrend.
At the press time, major crypto coins ETH, SOL, ADA, LUNA, and XRP have broken the crucial supports and continuing with the downtrend. The recent plunge in the crypto market has led to a liquidation of $453.33M across global exchanges.
The crypto market is expected to follow a downward movement for a while and won’t see a significant upward move until a consensus is reached on the historic decision of banning Russian Oil by the EU.
Camila is working as a Senior Writer with Coinfea. She has completed her bachelor’s from a reputed college. She loves to write about trading technologies like crypto and blockchain.