There is no embedding, the past seven days have been very difficult across the cryptocurrency market with a few small exceptions. Total capitalization fell to $ 2.375 billion, a loss of about 13%. Let’s start with Bitcoin.
The primary cryptocurrency is down 14% on a seven-day scale. It started the week at around $56K, but bears weren’t having it anymore and crashed the price during the early Saturday trading session when BTC dropped to $42K. The entire market was painted in red, and we even saw a BTC flash crash to $28.8K on Huobi. The ordeal left its mark in the face of over $2.5 billion in liquidated positions.
As of that point, it is mostly choppy side action from Bitcoin, which was unable to decisively recover the $ 50,000 mark, despite attempts from Tuesday to Thursday. The rest of the market is also bleeding. As of this writing ETH is down 10%, BNB – 6.9%, Solana – 24.2%, Cardano -25%, Polkadot -25.5%, Avalanche -20%, etc. The only two major cryptocurrencies that are not in decline are Luna with a gain of 2% and Polygon, which is up 1%.
Of course, zooming out presents a picture that’s not so gloomy as BTC is currently about 30% below its all-time high. Providing the community with a bit of hope was famed analyst and creator of the stock-to-flow (S2F) model, PlanB, who outlined that we’re not yet in a bear market and that $69K wasn’t this cycle’s top.
And while the above sure looks good on paper, the Bitcoin Fear and Greed Index remains in a state of “extreme fear,” showing that investors don’t necessarily agree with PlanB. Of course, this can also be interpreted as a buying opportunity for those who wish to reduce their investments.
In any case, it’s as exciting as ever to see where the market will head next, especially after the US Bureau of Labor Statistics revealed the country’s inflation numbers for November, and things don’t look pretty. At 6.8%, the Consumer Price Index is currently at a 40-year high.
Market data
Market capitalization: $ 2,345 billion | 24H Flight: 123B | BTC dominance: 38.6%
CTB: $ 47,877 (-14%) | ETH: $ 4,006 (-10%) | ADA: $ 1.27 (-25%)
This Week’s Crypto Headlines You Can’t Miss
Cathie Wood Says 5% of Institutional Money Can Increase Bitcoin’s Price by $500K. Cathie Wood, the CEO of Ark Investment, believes that only 5% of institutional money can catapult Bitcoin’s price with another $500,000. She also asserted that crypto is a new asset class with a different correlation compared to others.
The EOS community is blocking $ 250 million in EOS outstanding payments to BlockOne. The community behind EOS voted to stop outstanding payments worth around $ 250 million to the company behind the project – BlockOne. This comes after long debates within the community over the issue of BlockOne’s overall reliability.
Meta Pilots Crypto Payments to Limited Users in US Via WhatsApp. Meta – the company formerly known as Facebook – has decided to pilot cryptocurrency payments to a limited number of US-based users through WhatsApp. The initiative will take advantage of their Novi wallet.
Bitcoin hash rate triples 6 months after the Chinese exodus. The hashrate of the Bitcoin network has increased almost threefold in the months following the exodus of Chinese miners. This demonstrates the robustness of the BTC blockchain and its ability to recover from damaging events of this type.
MicroStrategy Bought 1,434 BTC Worth $82.4 Million at $57.5K. MicroStrategy – the tech giant spearheaded by the Bitcoin permabull Michael Saylor – has revealed another whopping BTC buy worth upwards of $80 million. The company bought 1,434 bitcoins at an average price of around $57.5K.
Visa deepens its foray into crypto and launches advisory practice. Visa, the world’s leading payment processor, has increased its interest in cryptocurrency. They revealed that the company was starting a crypto consulting practice to help clients enter the industry and already had a client facing US bank UMB.
