Crypto news: We are “officially in bear market,” say traders
Updated
The cryptocurrency market was slightly up in London morning trading, after the weekend saw bitcoin (BTC) drop to its lowest levels since September. The overall cryptocurrency market capitalisation has crept up 1.19% over the last 24 hours, data from CoinMarketCap.com show.
Bitcoin (BTC) has not had a good start to 2022, with the biggest virtual token trading 12.19% below its 2022 open, and the whole market down 12.76% year-to-date, according to TradingView (see chart below).
On Saturday, BTC dropped below $41,000 to $40,672.28, according to CoinMarketCap – its lowest level in more than three months.
Speaking to CNBC last week, former hedge fund manager and cryptocurrency investor Mike Novogratz predicted that we were seeing market bottom.
“I know big institutions who are going through their process to put positions on and so I think they're gonna see those as attractive levels to buy,” Novogratz said. “On the charts, $38,000, $40,000 feels like where we should bottom.”
The broader cryptocurrency trading crowd, however, was less upbeat about the market’s prospects.
“Our social trends data confirms that the trading crowd feels very much as though crypto is in an official bear market,” says analytics company Santiment, which tracks sentiment in the cryptocurrency market by analysing social media trends. “Mid-May was the last time bearish sentiment was this prevalent,” according to Santiment.
Other statistics from on-chain market analysis provider Glassnode showed that the number of bitcoin addresses in loss (seven-day average) hit a five-month high.
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Other crypto news
- The wealth of Changpeng Zhao, chief executive of one of the biggest cryptocurrency exchanges, Binance, reached $96bn, making him the 11th richest person in the world, according to Bloomberg calculations.
“Zhao’s fortune could be significantly larger, as the wealth estimate doesn’t take into account his personal crypto holdings, which include Bitcoin and his firm’s own token. The so-called binance coin surged roughly 1,300% last year,” the paper reports.
Chart of the day: Crypto market has shrunk by more than 12%
The crypto market is now more than 12% below its 2022 open – Credit: TradingViewTop coins by market capitalisation
As of 10:00 GMT:
- Bitcoin (BTC) rose by 0.71% to $41,857.57
- Ether (ETH) climbed 1.52% to $3,151.21
- Binance coin (BNB) gained 2.15% and was trading at $439.51
Winners and losers
- Internet computer (ICP) and Chailink (LINK) rose by 35.34% and 24.07% respectively in a week
- Axie infinity (AXS), terra (luna) and avalanche (AVAX) fell by 26.20%, 24.67% and 20.55% respectively over the last seven days of trading.
Read more: Crypto crime struck a record high in 2021: Chainalysys
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