Bitcoin

Despite the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> trading back in the green; its advances could prove short-lived due to the negative influence from the <a href="https://finbold.com/stocks/" rel="noopener noreferrer nofollow">stock</a> sell-off spilling over, according to the Chief Market Strategist at InTheMoneyStocks.com, Gareth Soloway.Specifically, Soloway believes that the <a href="https://finbold.com/category/stocks-news/" rel="noopener noreferrer nofollow">stock market</a> is in for a sell-off and that this situation could have wide-reaching consequences, including in the <a href="https://finbold.com/guides/cryptocurrency/" rel="noopener noreferrer nofollow">crypto</a> sector, as he told Stansberry Research’s Daniela Cambone in an <a href="https://www.youtube.com/watch?v&#61;V0Qi5m3Kjuk" rel="noopener noreferrer nofollow">interview</a> streamed on April 5.<h2 id="header-0">Panic selling</h2>In his view, although the recent <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">bank</a> runs have allowed <a href="https://finbold.com/cryptocurrencies/" rel="noopener noreferrer nofollow">cryptocurrencies</a>, particularly Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>), and precious metals like <a href="https://finbold.com/topic/gold/" rel="noopener noreferrer nofollow">gold</a> to stand out as alternatives outside the <a href="https://finbold.com/category/banking-news/" rel="noopener noreferrer nofollow">banking system</a>, as he had noted that this was exactly why <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> came into being, this situation still didn’t trump fear and emotion.According to the trading expert, people in panic “don’t ask questions, they sell,” and such a period, as the one witnessed during the beginning of the Covid pandemic in March 2020, could be in store in the near future:<blockquote>“I think that’s what we’re coming into. We’re coming into a period in the equity markets where I think you’re going to get a realization there’s a <a href="https://finbold.com/guide/recession/" rel="noopener noreferrer nofollow">recession</a>. (…) You’re going to get this sell-off in the stock market. My guess is it bleeds into crypto, and it creates more selling in crypto to the downside.”</blockquote><h2 id="header-1">Bull or bear market?</h2>On top of that, Soloway said he was still unsure about whether or not the <a href="https://finbold.com/guide/bull-market-definition/" rel="noopener noreferrer nofollow">bull market</a> is back on with Bitcoin as it keeps having trouble breaking the $30,000 level, referring to it as the “line in the sand” and still hanging on the possibility of the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset <a href="https://finbold.com/pro-trader-says-bitcoin-to-dive-to-13k-before-major-rally-as-financial-crisis-2-0-unfolds/" rel="noopener noreferrer nofollow">dropping to $12,000-$13,000</a> by before any major rally.However, his belief is that if Bitcoin does get above $30,000 and “we stay there for, let’s say, a week or so, and establish ourselves back above that level, I think at that point then I’ll say, ‘Okay, listen, we’re back above the psychological lows from the bull market of 2021 – now I think the low is in,’ but as of now, to me, this is a run-of-your-mill <a href="https://finbold.com/guide/bear-market-definition/" rel="noopener noreferrer nofollow">bear market</a> rally.”Meanwhile, the crypto sector’s representative is trading at the price of $28,553, up 0.82% on the day, as well as gaining 4.62% across the week and 27.35% in the last 30 days, according to the <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> data on April 5. At the same time, <a href="https://finbold.com/guide/best-crypto-data-websites/#CoinMarketCap" rel="noopener noreferrer nofollow">CoinMarketCap</a> information indicates that the total crypto market capitalization has climbed 1.08% in the last 24 hours, currently standing at $1.2 trillion.Watch the entire video below:<react-video url="https://youtu.be/V0Qi5m3Kjuk"></react-video>Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read more cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/?utm_source&#61;CMC&amp;utm_medium&#61;social&amp;utm_campaign&#61;CMC&amp;utm_content&#61;long" rel="noopener noreferrer nofollow">Finbold.com</a>.

Trading expert warns looming stock market sell-off could bleed into crypto

Table of Contents

Finbold

Outros artigos publicados em 5 de abr. de 2023

TE-FOOD implemented blockchain based traceability at Pannonia Bio, the largest biorefinery in Europe

Paima Studios Integrates Non-Custodial On-Chain Gaming to Cardano

Dubai Demands More Info from Firms Seeking Crypto License: Bloomberg

XRP crashed this much since Jim Cramer’s comments on Ripple v. SEC case

FDIC Announced Sale of $115B Worth of SVB and Signature Securities

Development update: Trust Army Platform 1.0 | March 27, 2023

Join our free newsletter for daily crypto updates!