Bitcoin market is trying to recover from recent shocks

Having experienced major drops and surges over the past few days, the Bitcoin market is gradually beginning to come to its senses and is gradually trying to regain lost ground.

After the Fed cut rates to zero andpromised to inject $0.7 billion into the US economy to mitigate the impact of the coronavirus, crypto traders at first did not know how to react to this news. Therefore, on the night of March 16, the BTC rate jumped from $5,170 to $5,950 in an hour, and then just as quickly returned to its previous level and continued to fall down to $4,440.

However, once again the penetration of a strongsupport level around $ 5000 became a signalfor a purchase that deduced bitcoin from the price peak. The increase in trading volumes and demand temporarily stabilized the situation, so the market is trying to gradually recover. At the time of publication, MTC for $ 5414 and over the past day grew by 8.1%.

For the leading cryptocurrency, the level of $ 5000 isimportant, since breaking through it brings the price closer to the margin of mining profitability. So far, despite market shocks, the mining ecosystem as a whole continues to operate stably and the hash rate does not indicate a significant decline.

Trading in the altcoin markets also picked up pace and many coins added 6-11% in a day. Ethereum (ETH) increased by 5.95% during this time, XRP – by 5.83%, and Bitcoin Cash (BCH) rose by 12%.

</p>