Crypto Market Shaves Off $50 Billion In One Day As Reversal Begins
26 Julio 2022 - 12:00PM
NEWSBTC
The crypto market has now seen more than $50 billion lost in a
one-day period as the market lost its recovery streak. This had
been expected for the market due to the large recoveries recorded
in a short period of time. This has brought down the crypto total
market to an important level. Crypto Market Drops Below $1 Trillion
Bitcoin and Ethereum’s remarkable recoveries last week had done
enough to push the whole of the market upward. As a result, the
crypt market quickly added more than $100 billion during this time.
It had pushed the total market cap above $1 trillion once more, too
much jubilation among crypto investors. Related Reading
| Ethereum Weekly Exchange Net Flow Points To Growing
Accumulation Trend However, this recovery would prove to only be
short-lived given that the crashes had been as swift. In the span
of one day, the crypto market had lost more than $50 billion
following the dips and has now lost its hold on the $1 trillion
market cap. Presently, the total crypto market cap is sitting at
$944 billion, more than a $100 billion loss from where it was
sitting last week. The loss pattern over the last few days is now
seeing cryptocurrencies in the space testing an important support
level and mostly failing to hold. Bitcoin has since lost its
footing at $22,000 and is now trading at low $21,000s, while
Ethereum has declined to the $1,400 territory. This has dragged
down their market caps to $402 billion and $171 billion,
respectively. Market Sentiment Takes A Dive As the crypto market
had recovered, the market sentiment quickly climbed. For the first
time in two months, investor sentiment had successfully made it out
of the extreme fear territory to be sitting in fear. With the
continuation of the recovery, the sentiment score had increased to
close at a new two-month high of 30 last week. Related Reading
| More Than 57,000 Traders Liquidated As Bitcoin Declines
Below $22,000 The sentiment had consistently been up for the last
couple of days until Monday, when the prices had begun to fall. The
dip in sentiment saw the Fear & Greed Index return a score of
26 for the last day, signifying that investors are once again
becoming wary of the market. While the bearish trend is not
completely established yet, it is gradually becoming the norm over
this time. Following historical trends, there will be recoveries
and pullbacks, which will see the market establish lower highs and
lower lows. Featured image from CNBC, chart from TradingView.com
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