Cryptocurrencies have gone downstream – Forex Action

0

Bitcoin lost 2.5% in the past 24 hours, falling back to $43.6,000. Ethereum lost 2.3%, with the other top 10 altcoins ranging between -5% (Terra) and +1% (BNB).

According to CoinMarketCap, the total crypto market cap fell 2% overnight to $2.01 trillion.

The Cryptocurrency Fear and Greed Index came in at 34 on Thursday morning, having lost 14 points and turning into a state of fear. This is the lowest value of the last two weeks.

After several days of sliding, bitcoin’s slide accelerated amid trading in Europe, hitting two-week lows just above $43,000. The negative dynamics of the cryptocurrency market were facilitated by the fall in global stock indices. The published minutes of the Fed meeting showed harsher than expected rhetoric. This put pressure on all risk-sensitive assets.

The news of the arrest of the servers of the darknet resource Hydra with the confiscation of 540 bitcoins, as well as sanctions against the crypto exchange Garantex could have a negative effect on the entire crypto market.

According to Glassnode, the number of bitcoins on exchanges has fallen to the lowest since August 2018. Investors have been withdrawing coins since early March, which is often seen as a signal to keep Bitcoin out of the market for a long time. This reduction in active offer often drives the price up. However, we are now also seeing an increase in institutional sales.

Reports that Tesla CEO Elon Musk had become Twitter’s largest shareholder initially sent Dogecoin soaring over 20%, as Musk had previously used the coin to pay for small Tesla goods. Potentially, there could be more apps for Doge on Twitter. However, on Thursday morning, its price returned to the levels of the beginning of the week, still showing that this “dog” is not yet able to swim against the tide, just as Bitcoin cannot become a significant fish against a large pool of stock markets. .

Share.

About Author

Comments are closed.