{"id":129480,"date":"2020-04-01T06:00:14","date_gmt":"2020-04-01T05:00:14","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=129480"},"modified":"2020-04-01T17:12:34","modified_gmt":"2020-04-01T16:12:34","slug":"the-crypto-markets-early-march-meltdown-revealed-something-super-bullish-for-bitcoin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/the-crypto-markets-early-march-meltdown-revealed-something-super-bullish-for-bitcoin\/","title":{"rendered":"The crypto market\u2019s early-March meltdown revealed something super bullish for Bitcoin"},"content":{"rendered":"

March 12th is a day that will live in infamy for the crypto markets, with investors watching Bitcoin lead the entire market in an unprecedented downwards movement that led some altcoins to decline as much as 50 percent or more in a matter of mere hours.<\/p>\n

The downwards tailwind<\/a> that catalyzed this decline was created by Bitcoin, which lost the support it had established at $8,000 before facing a swift downwards movement that led it to $3,800.<\/p>\n

The markets have seen some calmness in the time following this carnage, with Bitcoin stabilizing within the $6,000 region while many altcoins also enter bouts of consolidation.<\/p>\n

Now, newly released data from Coinbase<\/a> shows that this capitulatory decline may have actually revealed the strength of crypto bulls, potentially being a positive sign for what\u2019s to come next for the market.<\/p>\n

Crypto market finds stability following recent turbulence<\/h2>\n

After tapping lows of $3,800, Bitcoin<\/a> posted a swift and sharp rebound that subsequently led it to highs of $6,900, from which point it has found some selling pressure that has since led it slightly lower.<\/p>\n

Just as BTC led the entire crypto market down, its rebound also created a tailwind that allowed many altcoins to erase at least a portion of their recent losses.<\/p>\n

Importantly, this selloff was not driven by organic selling pressure, but has been widely thought to be the result of a cascade of liquidations on leveraged trading platform BitMEX \u2013 with the crypto\u2019s decline below $8,000 creating a snowball of selling pressure that proved to be insurmountable for buyers<\/a>.<\/p>\n

\"The<\/a>
Related: The crypto market is hanging on by a thread according to this chart, but all hope isn\u2019t lost<\/a><\/figcaption><\/figure>\n

This notion is further supported by the fact that the entire crypto market\u2019s selloff halted the very instant that BitMEX went offline due to a \u201chardware issue\u201d \u2013 with this downtime essentially acting as a circuit breaker to halt the torrent of liquidations.<\/p>\n

Coinbase saw record-breaking buying activity during this selloff<\/h2>\n

Something bullish to come out of this whole imbroglio is the fact that retail investors were incredibly engaged in buying the dip.<\/p>\n

In a recent report<\/a>, Coinbase explains that as compared to their last 12-month averages, they saw a 5x increase in cash and crypto deposits, as well as a 2x increase in new-user signups in the 48-hours surrounding the drop.<\/p>\n

\"Bitcoin
Image Courtesy of Coinbase<\/figcaption><\/figure>\n

The key piece of information within this report that is a bullish sign for Bitcoin and the crypto market as a whole is the fact that these users were widely buyers of the dip, as Coinbase notes:<\/p>\n

\u201cBeyond just a rush, two things are clear: customers of our retail brokerage were buyers during the drop, and Bitcoin was the clear favorite.\u201d<\/p><\/blockquote>\n

Because current participants and new entrants to the crypto market were both simultaneously engaged in buying this recent dip, it seems as though retail investors are widely optimistic about Bitcoin and the crypto market.<\/p>\n","protected":false},"excerpt":{"rendered":"

March 12th is a day that will live in infamy for the crypto markets, with investors watching Bitcoin lead the entire market in an unprecedented downwards movement that led some altcoins to decline as much as 50 percent or more in a matter of mere hours. The downwards tailwind that catalyzed this decline was created […]<\/p>\n","protected":false},"author":174,"featured_media":129493,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,120,15323],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nThe crypto market\u2019s early-March meltdown revealed something super bullish for Bitcoin<\/title>\n<meta name=\"description\" content=\"Newly released data from Coinbase shows that the recent capitulatory decline may have actually revealed the immense strength of crypto bulls.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/the-crypto-markets-early-march-meltdown-revealed-something-super-bullish-for-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The crypto market\u2019s early-March meltdown revealed something super bullish for Bitcoin\" \/>\n<meta property=\"og:description\" content=\"Newly released data from Coinbase shows that the recent capitulatory decline may have actually revealed the immense strength of crypto bulls.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/the-crypto-markets-early-march-meltdown-revealed-something-super-bullish-for-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2020-04-01T05:00:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-01T16:12:34+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/03\/bitcoin-balance-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cole Petersen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cole Petersen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/the-crypto-markets-early-march-meltdown-revealed-something-super-bullish-for-bitcoin\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/the-crypto-markets-early-march-meltdown-revealed-something-super-bullish-for-bitcoin\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#person\",\"name\":\"Cole Petersen\",\"url\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/cole-petersen\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2019\/11\/author-cole-petersen.jpg\",\"caption\":\"Cole Petersen\"},\"jobTitle\":\"Journalist\",\"description\":\"Cole is a freelance journalist and university student studying philosophy. 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