“Buy Bitcoin,” Messari CEO Says Amid Market Decline
With the Bitcoin market never having a default state given the volatility, more emotions can be seen being expressed even at odd times like the ongoing massive sell off. Just as some are selling panic, some are keen to stand their ground and buy more while encouraging others to do the same.
Messari CEO and founder Ryan Selkis seems to fall into the latter position. In one of his tweets posted on Thursday, the CEO advocated buying Bitcoin despite the market decline.
CEO of one of the leading providers of cryptanalysis services in the industry tweeted“Buy Bitcoin,” in what is interpreted as a buy signal to those who have not bought Bitcoin and existing Bitcoin holders to buy more, as this could be one of the lowest price points we will ever see the best coin trade for in other years that is coming.
Bitcoin continuous downward trend
Regardless of the supposed buy signal, Bitcoin (BTC) has not made a green move. Instead, it has continued to swim in the red. In the last 24 hours, the top crypto has fell below the $20,000 mark and is currently trading in the $19,000 region with a trading price of $19,659, at the time of writing.
The crypto asset is down 9.2% in the last 24 hours and 16.2% in the last 7 days. This comes after a significant drop from the $23,000 region at the beginning of this month. So far, Bitcoin has a 24-hour range between a low of $19,662 and a high of $21,824.
Alongside the price, the BTC market cap has also fallen. The trading volume signals a large sell-off indicating a possible continuous downward trend. Compared to early January when BTC registered a surge in momentum indicating accumulation, March has not been a pleasant month so far for the top asset.
From January to now, BTC’s market cap has lost over $100 billion. The market capitalization has fallen from a January high of $456 billion to $380 billion as of March 10. Interestingly, BTC’s daily trading volume has recorded the opposite of its market cap and price.
Related reading: Bitcoin retests $20,000 on violent sell-off: Will key support hold?
In accordance data from Coinmarketcap, peaking so far this year trading just above $25,000 in February, BTC had a daily volume of $33 billion. However, in the last 24 hours, BTC has recorded a higher trading volume of over $40 billion.
In particular, this can be a result of violent sale ongoing in the Bitcoin market after several negative news, including the Silvergate fallout, as well as Kucoin being sued by New York for failing to register for approval to allow investors in the state to buy and sell crypto on its platform.
Global Crypto Market State
Negative news has only continued to intensify in the market as the global crypto market continues to show unpleasant reactions. Silvergate, which offered the industry a payment network that allowed customers to exchange US dollars between crypto exchange accounts 24/7 to match the liquidity needs of the crypto market, suspended operations last week.
One of the leading crypto exchanges KuCoin has also had a tough Thursday after New York filed a lawsuit. Although the lawsuit is said to be more dangerous to Ethereum (ETH) as New York State Attorney Letitia James specifically mentioned ETH among the securities laws KuCoin violated, it has also significantly affected the general crypto market.
Between Thursday and Friday, the global crypto market capitalization has fallen below $1 trillion, down 8.7%. ETH has fallen below the $1,400 support, down 9.5% over the same period with a current trading price of $1,386.
Other major altcoins in the market such as Binance Coin (BNB)Ripple (XRP), Cardano (ADA)Dogecoin (DOGE) and Polygon (MATIC) have also fallen 7.5%, 7.4%, 4.5%, 10.4% and 7.2% respectively in the last 24 hours.
Featured image from Unsplash, chart from TradingView.
