Turning a sharp corner from the flourishing marketplace of last week, red candlesticks have rained across the top 50, with few assets besides stablecoins appearing unscathed. Whilst the mass downwards trajectory is yet to fully reveal itself as a bear market, the current market sentiment appears dismal - with few assets lucky enough to have a semblance of price stability.
Undeniably the majority of the market took an exponential hit this week, with significant losses across the crypto world - yet some assets remained strong and actually benefited in spite of the crash. After remaining relatively dormant for several months now, DOGE began a minor resurgence, soaring in the early portion of the week, before returning to more horizontal levels towards the 10th. Joining DOGE was
Monero, which had begun the week slipping below its 7-day SMA, before triumphing and reaching a high of $243.05.
Its inevitable that in any crash,
Bitcoin will have a pivotal role in some shape or form. Yet amidst this current crash,
Bitcoin has witnessed a crash of a similar magnitude to a majority of assets in the market. Entering the week trading between $45k-$46k,
Bitcoin appeared poised for a strong week ahead. Yet, it began to slip drastically, plummeting with vast spikes ensued by small areas of horizontal trading, before repeating itself once again - leading
Bitcoin to crash into the $42k zone. Analysts have now hypothesised that this massive crash is as a result of a somewhat unfavourable correlation with the stocks market.
Depending on your stance, the current EU sanctions on Russian oligarchs and investors may spell good news - particularly as the war against Ukraine rages on. However, the recent sanctions on Russian crypto investors has spurred discussion within the community, as questions have been raised in regards to how decentralised cryptocurrency truly is - in spite of its ethos.
Author：
Matthew W-D, Gate.io Researcher
*This article represents only the views of the researcher and does not constitute any investment suggestions.
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