Bitcoin And the other major coins were trading in the red on Sunday night as the market capitalization of the world’s cryptocurrencies fell by 3% to $ 1.6 trillion.
|Bitcoin BTC / USD||-3.6%||-11.9%||$ 34,104.31|
|Ethereum ETH / USD||-4.3%||-11.25%||$ 2,519.60|
|Dogecoin Doge / USD||-2.65%||-6.55%||$ 0.12|
|Cryptocurrency||24-hour rate of change (+/-)||price|
|icon (ICX)||+ 8.2%||$ 0.66|
|Axie Infinity (AXS)||+ 7.3%||$ 30.74|
|NEAR protocol (shortly)||+ 7.7%||$ 11.16|
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Important reason: Bitcoin and Ethereum continued to record a decline with a 24-hour trading volume surge. BTC and ETH 24-hour trading volumes increased 51% and 55%, respectively, to $ 36.84 billion and $ 20.82 billion, respectively.
US equity futures also traded in the red at the time of the press, with S & P 500 and NASDAQ futures down 1.1% and 1%, respectively.
Cryptocurrency trader Michael van de poppe He pointed out the lack of movement in Bitcoin prices that the volume was “crazy” during the weekend. He attributed the increase in volume to the “game of whales.”
Interestingly, such a large number of profiles and price spikes recede.
During the weekend.
—Michaëlvan de Poppe (@CryptoMichNL) May 8, 2022
What is Bitcoin’s downward movement up to the $ 33,900 level? Santiment I like to see it in terms of surrender. Trader sentiment has fallen to a six-week low, according to the Market Intelligence Platform.
“A weak hand leaving space is generally what you need for a really remarkable bounce,” Santiment tweeted.
When #Bitcoin Currently, traders’ sentiment has fallen to a six-week low, dating back to $ 33.9k. We usually prefer to see signs of such surrender, as weak hands leaving space are generally what is needed for a truly remarkable bounce. https://t.co/AhXOBYcN9i pic.twitter.com/9HnY89RTuF
— Santiment (@santimentfeed) May 8, 2022
Meanwhile, investor sentiment has also been hit. Alternative.me’s “CryptoFear & Greed” index flashed “Extreme Fear” when pressed. Last week, the index showed “fear.”
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