The falling price of Bitcoin, which now stands below US$40,000, has prompted many to wonder if the cryptocurrency bull market that began early March is indeed over.
The situation, however, is hardly as simple as it seems. The US and EU tightening sanctions against Russia in the crypto space since April, moves that affected both individuals and businesses in Russia, and the global financial market has entered a new era.
However, this wave, often dubbed wave B, has mainly been caused by Russia – Ukraine war.
“The current RSI index has been below 50, indicating a weak market, however, this figure has yet to fall below 30, which means the market is not yet in an oversold stat,” says Lee.
Its goal is to accelerate the research and development of blockchain technology, promote its applications, and improve the global blockchain industry ecosystem.