In Asian trading on Tuesday, March 22, Bitcoin (BTC) soared to $43,261 on some exchanges.
However, the coin quickly fell to $42,400 after traders who bought the cryptocurrency at just above $43,000 began selling on the spot market.
Altcoins also sagged after this morning’s spurt, but they are still trading in the greenback. Ether (ETH) and Binance Coin (BNB) strengthened more than 3% to $2992 and $404, respectively.
XRP, Cardano (ADA), Solana (SOL) and Avalanche (AVAX) tokens rose to $0.845, $0.938, $90.31 and $89.03. Crypto market capitalization rose to $1.914 trillion.
According to Glassnode, investors are withdrawing Bitcoins from exchanges. Cryptocurrency volume on trading floors has fallen to a three-year low. Stefan Ouellette of FRNT Financial Inc stressed that the pressure on the asset is weakening and the hodlers’ position is strengthening.
Global uncertainty scares investors and makes them refuse to invest heavily in risky assets, including cryptocurrency. Today’s rebound in Bitcoin is unlikely to lead to quick positive results, but it reflects a long-term trend, the expert said.