Crypto Markets crash then rebound, amid global stocks chaos

Global stock markets plummeted on Monday morning over fears of a Russian incursion into Ukraine and the Dow went down by over 1,000 points but rallied again later in the day. Crypto markets tumbled early on Monday and Bitcoin crashed below $33,000 amid stock sell-off, as investors dumped speculative assets. It regained strength later in the day however, climbing to $37,500, but the outlook for the cryptocurrency is still bearish. If BTC continues its downtrend it may find support around $29,000. If the price of Bitcoin goes up, it may find resistance at $43,000 and further up at $44,300.

Ethereum fell as low as $2,150 on Monday morning but then almost recouped its daily losses, rising back to $2,450. In case its price goes up, it may find resistance around $3,220 and further up around $3,400, while if the downtrend continues, it may find support around $1,700.

A number of countries such as Italy, Spain, and the UK, have recently launched a crackdown on cryptocurrencies, restricting mining and advertising, which is putting pressure on cryptocurrencies. The vice-chair of the European Securities and Markets Authority Erik Thedéen raised environmental concerns on crypto mining and is advocating a ban on the energy-intensive mode of cryptocurrency mining, and Russia’s Central Bank proposed banning the use and mining of cryptocurrencies on Russian territory. 

BTC/USD 1h Chart

ETH/USD 1h Chart

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Written by:
Myrsini Giannouli

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