#MarketPullback
The latest crypto news on market pullback indicates a slowdown in the cryptocurrency market. The global crypto market cap has fallen 0.5% in 24 hours to $1.42 trillion, showing another pullback within the framework of growth that started in mid-October but has slowed in the last couple of weeks.
Bitcoin underwent a sell-off, falling from the upper end of an upward range above $38.4K. However, the market hasn't found any reason to go deep down either, and only a failure below $36.7K will confirm that $38K is a solid horizontal resistance.
Other factors contributing to the market pullback include the collapse of Silicon Valley Bank, which led to a massive pullback in the cryptocurrency markets, with investors pulling around $3 billion from the stablecoin USDC in three days.
Additionally, crypto companies are pulling back on marketing after their Super Bowl blitz, amid a slump in the crypto markets that has wiped out roughly $2 trillion in value and increased scrutiny from regulators.
