The world's largest cryptocurrency, Bitcoin, has dropped more than 8.81 percent in the previous five days and more than 10.31 percent in the last month. The Commerce Department's Census Bureau recorded a 0.7% rise in retail sales last month. Furthermore, data for February was revised upward, suggesting a sharper comeback of 0.9%, the highest growth in almost a year, compared to the previously reported 0.6%.
The worldwide cryptocurrency market had a 4.1% decline in the last day, with a market value of over $2.29 trillion.
As of right now, the DeFi sector's total volume is $9.35 billion, or 7.92% of the 24-hour trading volume of the overall cryptocurrency market. According to CoinMarketCap, the entire volume of stablecoins traded in the cryptocurrency market within a 24-hour period is $110.24 billion, or 93.37% of the total volume.
In the same period, the market capitalization of Bitcoin fell to $1.239 trillion. According to CoinMarketCap, 54.11% of the market is presently dominated by Bitcoin. In addition, the trading volume of Bitcoin rose by 6.23% to $44.77 billion over the previous day.
"Since the weekend, as tensions between Iran and Israel grew, Bitcoin appears to be gradually pinning around the announcement of its halving. As Bitcoin continues to outperform most other cryptocurrencies, a solid support level appears to have established near $60k. To put things in perspective, the support level of 0.05 BTC per ETH has been breached by ETH/BTC, one of the most traded crypto-crypto non-stable pairs. Technically, this might drop as low as 0.04, which would indicate that Bitcoin would continue to beat Ethereum and, historically, all other cryptocurrencies, according to CoinSwitch Markets Desk.
What influences the price of bitcoin?
The imminent Bitcoin halving event, which is expected to take place on or around April 20 and divide the token's fresh supply in half, is highly anticipated by investors in the cryptocurrency market. This halving has historically increased prices, but with Bitcoin just hitting a record high, questions have been raised over whether the same thing will happen this time.
Stronger-than-expected US retail sales data for March contributed to the slide in the cryptocurrency market and reinforced the view that the US Federal Reserve is unlikely to quickly lower interest rates this year.
A few days ago, Hong Kong made a big step toward perhaps becoming Asia's first city to accept cryptocurrencies as a common investment vehicle by granting provisional clearance for its first spot bitcoin and ether exchange-traded funds (ETFs).In an effort to strengthen its appeal as a financial hub, Hong Kong has been aggressively promoting itself as a worldwide hub for digital assets, even in light of mainland China's prohibition on cryptocurrencies.
A potential escalation in the regional war occurred when Iran launched assault drones and missiles in retaliation against Israel, ostensibly in response to a strike in Syria that claimed the lives of top Iranian military commanders.Digital assets are traded on the weekends, giving investors a preview of the market mood prior to the regular markets reopening on Monday. However, notable changes could take place before trading resumes.
