It is a carnage for digital assets where dealers hit the sales button and dry out over $ 160 billion of the total cryptocurrency capital since Friday.
Few things are aggravated as the first quarter of this year closes, leading to sales, including Trump’s customs threats, global economic concerns and the lack of a clear catalyst for the next leg up.
But if the story is something to pass by, there may be some glimpse of hope going into the second quarter as April could bring a bullish setup to crypto.
Based on the total percentage return since 2010, April has brought an average of 27% return for Bitcoin, which marks it the third best month, according to Barchart Data. November and May were the other two months with the highest return with approx. 38% and 26% winnings.
As Coindesk analyst Omkar Godbole reported for Crypto DoyBook Americas-a Premium Newsletter, offering to help dealers make informed investment decisions can this seasonal provision be a much needed positive indicator of the market.
“Season factors are not as reliable as independent indicators, but when combined with other signs, such as the recent stop when selling long -term owners, they seem credible,” Godbole wrote.
A cog in the wheel can be the abandoned exchange Mt. Gox’s transfer of a significant amount of Bitcoin to the centralized exchange wallets, which can create fear of the creditor’s liquidation.
“A potential short-term risk is MT. Gox, which has transferred significant amounts of BTC to Kraken-This can lead to temporary sales pressure or market volatility,” said Deribit CEO Luuk Strijers.
Read more: Now is ‘a great time’ to buy Bitcoin, says Trillion Dollar Investment Manager
