QCP's Darius Sit says October's deleveraging event exposed the real divide: bitcoin trades like collateral, altcoins trade like a bet on exchange governance
ETF redemptions and futures liquidations are pressuring crypto markets, the bank said, even as rising gold volatility quietly strengthens bitcoinβs longer-term investment case.
The Relative Strength Index (RSI), a popular technical trading indicator, has plunged to 17. Only the bear market bottom in 2018 and the 2020 Covid crash saw lower reads.
The crypto exchange has instructed affected customers to sign up with eToro by the end of March for withdrawals, while deposits and new accounts have been suspended.
Ether has dropped below $2,000, underperforming other major cryptocurrencies as selling accelerates from leveraged traders, onchain liquidations and long-term holders.