Crypto Market Begins to Recover, Beware Bull Trap

Crypto Market Begins to Recover, Beware Bull Trap

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Starting the first week of March 2022, the crypto market looks to experience a simultaneous strengthening. Investors were greeted with the crypto market turning green again.

Even so, the recovering state of the market does not guarantee whether the bull run trend in the crypto market will continue. The clear sky is currently still looming over the crypto market, even though at the end of last February, the market was under pressure and fell, following the heating up of Russia-Ukraine geopolitical tensions.

As a result, many investors are reluctant to go deeper into volatile assets, such as cryptocurrencies. Now the situation may have reversed. The 10 largest market capitalization crypto assets have been successfully perched in the green zone in the last 24 hours. In fact, the pace was fairly aggressive.

However, the question in the minds of crypto investors is whether this has entered the bull run phase or could it be a bull trap?

Tokocrypto trader Afid Sugiono said that investors now seem to be starting to realize that escalating Russia-Ukraine tensions are paving the way for wider adoption of crypto assets. In fact, some market participants believe Russia will speed up the passage of crypto asset regulation rules.

“However, again, investors must be aware of the potential for a bull trap. Geopolitical tensions between the two countries have not yet decreased. Then, there are other sentiments from the Fed’s monetary policy issue regarding interest rates which are still intense. It is better for investors to remain calm and not panic or panic. wait & see,” said Afid in a written statement, Wednesday (2/3/2022).

The term bull trap appears when the market situation moves as a whole. A bull trap is a false signal, referring to a downward trend in a stock, index, or other security reversing after a convincing rally and breaking a previous support level.

In this case, investors also still need to be careful because market conditions that continue to be green do not guarantee that the upward trend will continue, in fact it can turn into a trap.

Crypto Price Wednesday 2 March 2022

Crypto Market Begins to Recover, Beware Bull Trap

Previously, the price of bitcoin, ethereum and the ranks of the top cryptocurrencies was seen still in the green zone, Wednesday morning, March 2, 2022.

Based on data from Coinmarketcap, Wednesday morning, the crypto with the largest market capitalization, Bitcoin (BTC) strengthened in the past day by 5.13 percent and 15.42 percent in the week.

Currently, the price of BTC is at the level of USD 43,797.62 per coin or equivalent to Rp. 630.9 million (assuming an exchange rate of Rp. 14,405 per US dollar).

Ethereum (ETH) as the second largest crypto is also still in the green zone. In the last 24 hours. ETH gained 4.40 percent and 12.96 percent in the week. With that said, ETH is currently at the level of USD 2,950.76 per coin.

The next cryptocurrency, Binance coin (BNB) this morning is still strengthening. In the last one day BNB strengthened by 4.56 percent and 8.88 percent in the week. That leaves BNB at USD 405.50 per coin.

Meanwhile, Cardano (ADA) which is also still strengthening in the last day by 2.89 percent and 8.78 percent in the week. Thus, ADA is at USD 0.9569 per coin.

Meanwhile, Solana (SOL) in the last day SOL had to experience a slight decline. In the last 24 hours SOL weakened 1.06 percent. But still up 13.85 percent in the week. Currently the price of SOL is USD 97.30 per coin.

Stablecoins such as Tether (USDT) and USD coin (USDC), both weakened today after having strengthened yesterday. Both were down 0.01 percent and 0.067 percent, respectively. That way, making USDT priced at USD 1.00, while USDC the price fell back to the level of USD 0.9996.

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