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Bitcoin continues to fluctuate around the $30,000 mark in a narrow range of $28,600-$30,600 at a current price of $29,300. Large altcoins from the top 10 also lowered their rate: Ethereum lost about 5%, falling to $ 1960, Solana lost 8.4% of its value ($ 49).
The total capitalization of the crypto market, according to CoinGecko, fell by 0.8% overnight to $ 1.33 trillion. Bitcoin’s dominance index fell 0.5% to 42.4%. The cryptocurrency index of fear and greed rose by 2 points to 12 and remains in a state of “extreme fear”.
In recent days, the dynamics of the first cryptocurrency seem to have been determined by the balance of power between bulls and bears, rather than the movements of the stock market. The latter showed growth on Monday, while bitcoin rebounded from the upper limit of its range.
CoinShares data over the past week showed a record weekly outflow of institutional investors from crypto funds since the beginning of the year. Funds are acting cautiously, and their actions can restrain growth, while purchases on the decline fall on retail sales and cryptokits.
The inflow of money into the industry is drying up, and the current situation will become a tough test of strength. Over the past two weeks, investors have withdrawn more than $ 10 billion (13%) from the Tether (USDT) stablecoin. According to the head of the SEC, Gary Gensler, many crypto projects are about to collapse.
At the same time, the US House of Representatives introduced a bill that could remove restrictions on crypto investment by pension funds, which indicates the recognition of bitcoin and a number of large altcoins.
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