BTC Exchange Supply Dwindles; Why Crypto Cannot Help People Evade Sanctions
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On Thursday evening (Asian trading hours), the crypto market rally that kicked off at the start of the week began to show some signs of exhaustion as investors started to shy away from risky assets in the face of declining macroeconomic and geopolitical conditions. BTC, the largest crypto by market cap, started a fresh decline below the $43k level after failing to clear the $44.5k resistance, and has shed 6% of its value within the last 24 hours. It is currently trading below the $42k resistance level as of the time of writing. If BTC fails to clear the immediate resistance zone near the $42.5k level, its decline may very well be extended to the $40k level. In a similar vein, ETH experienced a 8% plunge from 24 hours ago, and is now trading below the $2,800 level. Most major altcoins are also still submerged in a sea of red, with previous top-performer AVAX now leading the downside correction. In order for the broader crypto market to reverse its losses over these past two days, investors' risk appetites must return.