The crypto markets are getting savaged right now it's a freaking bloodbath. bitcoins down ethereum's down everything's down. alt coins are just getting wrecked hardcore right now. In this article i'm going to dive into the markets. we will look at some of the charts seeing what's going on with bitcoin. what that means for the wider market. Also looking at some of the fundamental reasons just what the heck is going on why is the market so damn spooked and is this the end of the bull market. Is the bear market upon us. i'll give you my answer in this article to that question.
let's go ahead jump in to the charts here and just see what the heck is going on . so bitcoin has just had one of its most brutal days in quite a long time. to be honest we have actually seen bitcoin come down by 15% at its lowest peak here. that's incredible we lost almost 10 000 $ today for bitcoin. we are now seeing days when the price drops by more than the value of bitcoin a year ago at this time that's crazy. but of course market volatility this is what happens. As the old saying goes volatility is the price that you pay for performance with crypto currencies.
Now let's dive in a little bit deeper here and examine what is going on. so bitcoin was in ascending triangle. the thing we've been watching for some weeks here playing out. we did have the breakout and unfortunately, it has come back down dramatically. you see yesterday it was looking as though we were getting a retest of the top line which would of course been a technically very bullish move had it played out in our favor for moving higher. but we broke that support and we've come dramatically lower.
so you can see here this is an incredible red candle we have seen a lot of buyers stepping up the pressure. we did get all the way down as low as fifty-one thousand two hundred dollars. buyers stepped in pretty heavily buying up we're back up to around fifty-five thousand at the moment. i really want to see right now for bitcoin is a daily close we have about 20 hours from the time writing this article for that to happen. but I want to see a daily close for bitcoin above the 50 day moving average. that is the purple line that you see here on the chart. so what we really need to do is see bitcoin closing above that during this run so far we have not seen bitcoin have any significant movements underneath the 50-day moving average. we've closed every day above the 50-day moving average. since basically October 2020. so losing the 50-day moving average would be a big loss of momentum for the cryptocurrency markets.
okay, now i just want to address this real quick. for anyone who needs to hear it right the bull run is not over. just get that through your head the bull run's not over this kind of correction events are normal. the bear market is not here things have not ended fud events happen which we're going to talk about momentarily but this is a very normal situation in the cryptocurrency markets. we get these big market corrections it's actually in a weird kind of way. these corrections make me feel a bit better because when i see this irrational exuberance when i see this greed washing over the market when i see dogecoin pumping by hundreds of percent in a week. it makes me go hey just maybe we need a little bit of caution here, maybe we need to pump our brakes a little bit, maybe things are getting a bit overheated.
why is the market so spooked today well there's a few different things going on this is potentially a big reason that the market is getting the jitters. so the us treasury is apparently charging several financial institutions for money laundering using cryptocurrencies. according to sources so this is really interesting of course financial institutions do money laundering. they've always been doing money laundering it's always been quite funny of course. when the accusations against cryptocurrency ultimately used by money launderers. most research shows that it is completely not the case the overwhelming majority of people using cryptocurrencies are not laundering money.
but as we invited wall street. but when wall street came to the party we always knew that all of their tricks were going to come along with that. wall street it's a real poisoned chalice because they bring in their money and they also bring in their problems. so hsbc, Deutsche bank, jp morgan all of these banks are complete criminal organizations. they're legal criminal organizations. it's insane that they're even allowed to operate but they break the rules they break the law constantly. no one ever goes to jail from these firms they pay some fines and they go back to breaking the law again. so to see them potentially using cryptocurrencies to do money laundering not surprising.
Banks have been laundering money since well before i was born it's basically what banks do for the rich of course not for regular people you guys everyone gets screwed right but the rich people who can do whatever they want can launder all the money they want. the banks welcome in with a suit and a smiling cup of coffee here you go how much money can i launder for you, sir. see them using cryptocurrencies not surprising this is a natural progression i guess we can consider we've made it . now the financial institutions are also laundering money using cryptocurrencies cool.
we've seen turkey as well banning cryptocurrency payments. now turkey is one of the biggest cryptocurrency markets so this is a big deal. turkey has been for a long time a big cryptocurrency adopting nation. the local fiat currency has experienced all kinds of drama over the last few years. people have been using bitcoin as a refuge people have been using bitcoin for all sorts of different things. so seeing turkey proposing to ban cryptocurrency payments that are not a positive news story. but nice to see turkey moving the opposite direction but of course what the government does and what the people want are usually diametrically different things. now let's keep it real there's only really affects a tiny niche of businesses.
so officially a business can't say yes we accept cryptocurrency, yes you can come here and use your bitcoin to pay for things not that anyone's really using bitcoin to pay for much anyway because of course you buy and huddle your bitcoin. but if you were to use your cryptocurrencies for payments well some of the big businesses in turkey probably wouldn't accept that. but realistically there will be a gigantic black market in the same way there is in china. where china had all these crackdowns and yet you can still go to a car dealership or something like that in some places and pay for a new car using bitcoin.
so the same situation's going to happen here turkey of course can't ban crypto payments they can just make it legally more difficult for companies to accept those payments. so that's basically as far as turkey banning crypto goes. crypto bans don't work you have to shut down the entire internet which no country is of course going to do because you return yourself to the dark ages. and even if you did shut down the internet bitcoin will still find a way right you can send cryptocurrencies via text messages you can send cryptocurrencies via radio relay waves. you can't stop bitcoin. pandora's box has been opened the government's trying to ban cryptocurrencies are going the complete opposite direction.
History will not remember this kind of moves favorably so just some perspective here for you guys i know these big market shakeout events can be a bit concerning right. you just have to strap your seatbelt in ride it out you're going to be fine your question for today are you buying the dip and if so what are you buying be very very curious to know down below in the comment section thanks so much.
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