Bitcoin and Ethereum Faced Selling Pressure in Asia This Year

A report shows that Bitcoin (BTC) and Ethereum (ETH) have faced massive trading pressure in Asia in 2021. BTC and ETH’s market drip continued in Asia when America’s crypto market wasn’t active enough.

Moreover, the cryptos downward movement occurred when the traditional market misheed China’s interest rate cut. The report emphasized that Bitcoin and Ethereum’s 60% and 420% year-to-date gains occurred during America’s hours 8:00 AM to 6:00 PM New York time.

In addition to this, BTC and ETH price actions dragged the entire crypto market in a low pattern as the USE Federal Reserve and central banks commenced to ease the liquidity-boosting stimulus for inflation.

In Asia, Bitcoin price declined to over 30% as a huge selloff dominated rampantly during Asian hours – 8:00 am to 6:00 pm Beijing time. Even more, despite the People’s Bank of China (PBOC) measures to slow down the market downtrend, the BTC market dropped on a high note.

At press time, Bitcoin price is at $45,784.73 with a market capitalization value of over $865 billion while Ethereum trades at $3,768.71 with a $449,496,045,397 as its market capitalization value on CoinMarketCap. Many suggest that the cryptos declines could be attributed to the impact of COVID-19 and the newly discovered Omicron that is taking the world by storm.