Crypto Market Analysis, Tokocrypto: Not Seen Bull Run This Month

There is no sign of a bull run for crypto investment in March (photo: Unsplash)

JAKARTA - After a flat February, many investors have full hopes of getting many advantages this March. But it seems that hope is difficult to materialize, seeing the macroeconomic situation and the overall crypto industry.

According to the monitoring results from the Tokocrypto Research team, it shows that the Bitcoin (BTC) price movement during February was included in the sideways category, as seen from the Bitcoin Monthly Returns index, the BTC price ended in February only up 0.03%.

Then what about the projected movement of Bitcoin in March? As one of the crypto asset traders in Indonesia, Tokocrypto said that early March was not a good month or bullish for the crypto market, especially Bitcoin, which fell by almost 5%.

The drop in the crypto market, especially Bitcoin, was caused by several things, one of which was due to new concerns over the solvability of crypto companies that occurred at the Silvergate bank, which was deemed unfavorable to the risk asset market.

Beyond that, actions and comments from the drama US Securities and Exchange Commission (SEC) which wants to tighten crypto regulations in the US also make investors worried, and impact market movement towards sides.

Overall, Tokocrypto also revealed that there was no strong sign or sentiment for the bull run this March. Most likely the market will still be sideways in the price range of 21,500-25,000 US dollars.