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Thursday, February 9, 2023

Total Crypto Market Cap Can Take Another Hit, Traders Will Remain Neutrral

The crypto market cap in total is on the verge of taking another hit going below from eight twenty-five billion dollars. However, data suggests that traders are still adding to all the shorts and the longs.

The market of crypto currency as a whole is dropping by almost 8.1% in the last two days since the crypto market cap failed to smash the resistance of 880 billion dollars on 14th December.

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The rejection will not invalidate their four-weeks long channel. However, a weeks closure below the resistance of 825 billion dollars might confirm their shift to a band lower and it will also reduce its support to 790 billion dollars.

The sentiment of the investors as a whole for the market still is bearish ad the year-to-date loss might go up till it reaches the 66% mark. Bad news for crypto market cap indeed. However, stablecoins like Bitcoin price has dropped down to a two percent this week and it is down to 16.8k USD on 16th December.

The Crypto Market Cap Is Falling Yet Again:

For cryptocurrencies, which are under pressure from impending regulation and worries that big exchanges as well as miners may go bankrupt, a very different dynamic has arisen. This explains because since December nine the market capitalization as a whole fell by 4.7%.

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The panel in charge of a portion of FTX’s bankruptcy process was revealed in court filings submitted on December 15 by a US Trustee. These include GGC International, a subsidiary of the failing financial product Genesis, as well as Wintermute Asia, a prominent market makers. Investors are speculating that the virus might keep spreading because they are still unaware of who the largest FTX trading group debtors are.

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