Bitcoin fell within week amid sell-off in global risk assets to reach low of $20,079
According to the CEO of CryptoQuant Ki Young Ju, 15,000 BTC recently entered Bitfinex from Coinbase. This could indicate that either the crypto hedge fund is filling collateral for long positions or market makers (MMs) are filling cash to execute sell orders for their clients, the CryptoQuant CEO wrote in a note alongside the exchange-to-exchange flow chart. He shared. He added, “They are short-term bearish anyway.”
Bitcoin fell within the week amid a sell-off in global risk assets to reach a low of $20,079. At the time of publication, Bitcoin was trading at around $20,686, down nearly 3% in the past day, according to data from CoinMarketCap.
Investor sentiment remains ‘shaken’
The Crypto Fear and Greed Index – which measures investor sentiment – plunged to 9/100, marking “extreme fear”. The last time it sank this low was in August 2019. Sentiment remains shaken after the collapse of algorithmic stablecoin TerraUST, along with its sister token Luna.
Also, the recent Celsius debacle and that of Three Arrows Capital weighed heavily on the market. The current bear market, often referred to as the new “crypto winter,” is also testing the strength of other projects. The Tron-based algorithmic stablecoin USDD also lost its dollar peg earlier this week.
Bitcoin has been closely correlated with stock indices, particularly the Nasdaq, which rose on Wednesday after the US Federal Reserve raised interest rates by 0.75 percentage points.
Fed Chair Jerome Powell hinted at another rate hike in July but cautioned that the 75-basis-point increase is an unusually high one and does not expect moves of such magnitude to be regular.
At the time of publication, Bitcoin and several altcoins were showing slight losses, except for a few cryptocurrencies such as XRP, FTX and Monero, which were up 1.31%, 1.41% and 4.87 %, respectively.
