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Fear in Crypto Versus Extreme Greed in Stocks
The week saw $4 billion worth of outflows from Coinbase and Binance, according to Glassnode. SEC litigation are causing cryptocurrency dealers to withdraw large amounts of money from exchanges.
To $1.06 trillion, the cryptocurrency market cap increased 1% in just 24 hours. Ethereum only adds 0.4%, compared to Bitcoin's 1%. The leading altcoins are gaining between 0.2% (Cardano) and 4% (BNB) as they attempt to recoup some of their losses. The fear and greed index for cryptocurrencies is at 45 (down two points overnight), while the index for the stock market is at 79 (extreme greed).
For a third day, Bitcoin is trying to maintain its position over $26K. Despite confidence in equities and a somewhat lower USD rate, the crypto market is still very heavy as evidenced by this struggle away from important key levels. Technically, Bitcoin must surpass $27K to halt the downtrend, and a decline below $26.5K is needed to confirm the trend. The second possibility looks more probable.
The amount invested in cryptocurrency funds decreased by $88 million last week, the largest in three months and the eighth week in a row of outflows, according to CoinShares.
Ethereum lost $36 million, and Bitcoin lost $52 million.
The week saw $4 billion worth of outflows from Coinbase and Binance, according to Glassnode. SEC litigation are causing cryptocurrency dealers to withdraw large amounts of money from exchanges.
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