Despite Bitcoin’s woes, traditional stock markets saw their worst period since January 2016 for the five days ending March 25, analysts note this week.
In the month that saw BTC/USD hit $6600 – its second-lowest levels since November 2017 – global markets are also showing bearish signs.
The US equity market fell 6% March 19-23, while European stocks dropped 4% and Japanese by 5% in the same period, MarketViews notes.
Cointelegraph reported this week on the continued bearish performance of cryptocurrency assets across the board, led by Bitcoin, which closed below its 200-day moving average to lose thin support around $7500.
At press time, prices are hovering around $7000, while biggest altcoin Ethereum (ETH) has failed to maintain prices above $400 – representing a 55% monthly loss.
Bitcoin markets came under additional pressure March 30 after Mailchimp announced it was shutting down cryptocurrency-related accounts.
As multiple factors take the blame for the broad negative sentiment, chief among which is the likelihood of an incoming trade war following US tariffs, commentators are struggling to find reasons for upside.
“If (markets) do head immediately lower, it could be in a cascading fashion that the media would probably label as a crash, but we think the odds of a relief rally starting at some point are probably higher,” MarketViews ventures.
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