After the opening of the US stock markets with sellers, sales increased in Bitcoin. The Nasdaq fell 4.5% and the Dow Jones fell 2.8%, while the S&P 500 tumbled 3.8%. With the decline in the markets, the fear index VIX increased by 24% to 34.33.

While global markets fell with the reaction of the FED to the inflation data that came above expectations last week, Bitcoin also fell below $ 23,000. As the price approaches the 200-week average, which we reminded a long time ago, investors are wondering about the reaction from this region.

While the sales in Bitcoin were making investors nervous, data on the subject came from CryptoQuant CEO Ki Young Ju. Saying that the Bitcoin MVRV Ratio indicator, which is the indicator that shows the ratio between the market value of the Bitcoin price and the realized value, has come to the bottom, Ki Young Ju said, "I've been waiting for this moment since the big sale in March 2020." said. Historically, MVRV falling below 1 is considered a bottom signal.

mvrv ratio

Bad news from the UK to Bitcoin

The UK, one of the largest economies in the world, continues to be distant towards Bitcoin and cryptocurrencies.

Again, an anti-Bitcoin and crypto currency statement came from the UK. The words of Andrew Bailey, the governor of the Bank of England, sat on the crypto agenda. Stating that Bitcoin and cryptocurrencies have no real value, Bailey described the declines experienced today as an “explosion”.

   “Cryptocurrencies have no real value. We also saw another explosion on a crypto exchange this morning.”

Although the UK government is keeping a distance from Bitcoin and cryptocurrencies, the British public is adopting these digital assets. The adoption of cryptocurrencies by many businesses operating in the UK is increasing the adoption of these digital assets in the UK. If the adoption rate continues to increase in the future, the attitude of the British government may also change.