2021 was known as the year of Bitcoin, Despite it was being one of the most successful years for Crypto Fanatics.
So looking forward many experts and analysis specialists said 2022 will be the next golden year for Cryptocurrency.
The launch of new projects like New Coins, NFT’s, Metaverse creation, and Blockchain upgrades boosted up the cryptocurrency market.
These things were the main reasons and both fundamental and technical predictions were also in a green Light. But the start of 2022 is very bad for the cryptocurrency market
After many predictions, it all took only seconds to blast the green bullish market. As China’s New regulations it made a great bad impact on the digital currency market.
The market was blown in seconds. With a great crypto fan base of millions, the ban which was created by the new regulation prevented Chinese people from cryptocurrency or any digital currency transaction. Digital currencies are completely illegal now in China.
So Now we have the main reason for the cryptocurrency down, despite you will have the question of ” Then what happened to the prediction which was said 2022 will be a great year for cryptocurrency??? Even The CoinWist team analysis predictors said yes it is a good year for Cryptocurrency… Despite now we are having the biggest cryptocurrency fall just at the beginning of 2022.
What was wrong? Our predictions or what What’s New | Bitcoin
Yes’’’ Everything is correct but when it comes to stock and cryptocurrency investment it all depends on Fundamental and Technical analysis. Yes Technical analysis was great the candlesticks performed well it was green, breaking its own price barriers and the cryptocurrency market was looking for, its all-time high price mark but the point was a fundamental reason that backed all these things.
Yes, fundamentals are always based on economic and market news, which is very good for long-term investors, But these fundamentals can create a huge difference in any market.
Previously Elon Musk’s tweet of accepting Bitcoin to its Company Tesla created a huge appreciation in the market. At that time Bitcoin recorded its all-time high. So this is how fundamentals are powerful. It makes an impact for a significant or long time period.
After China’s Ban on Cryptocurrency it made a huge fundamental depreciation while we are still going through it. Bitcoin has fallen for the 8th consecutive day. At the moment Bitcoin’s value is $41,018 with a $774 Billion market cap according to CoinMarketcap.com So it is still looking bearish.
It seems the market is looking forward to a long-term price down and it will not be easy to bounce back. Let us see what will happen in the future…The CoinWist team will bring you the latest analysis with the latest news.