Bitcoin Shorts Decline On Bitfinex, Players Brace For Upward Trend?

Bitcoin continues to move sideways as the week progresses. The benchmark cryptocurrency was pushed back from $40,000 levels and has been unable to bounce back to previous highs. However, BTC has been showing resilience as the traditional market seems to trend lower. Related Reading | Where Ethereum and Bitcoin Headed After Musk’s Tweet At the time of writing, Bitcoin trades at $38,830 with a 2% profit over the past week. The traditional market is facing major hurdles due to an increase in uncertainty coming out two fronts: the Russia-Ukraine conflict and the potential interest rates hike from the U.S. Federal Reserve (FED). As a result, China’s stock market has experienced major losses over the past week. As a pseudonym analyst noted, equities from Mainland China saw a 3% loss yesterday alone. The situation has started presenting similarities to the 2008 economic crisis. Hang Seng down nearly 5% only 5 mins into the session. Mainland down almost 3%. This coming off yesterday, the worst china session since '08. At what point do you call it a a crisis? — TheLastBearStanding (@TheLastBearSta1) March 15, 2022 The U.S. stock market, as represented by the S&P 500, has also seen losses and has been trending to the downside since the start of 2022. Over this period, Amazon presented a 15% loss, as did Apple, Microsoft an 18% loss, Tesla a 27%. These are only a few, but some of the strongest companies in traditional ...