Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
2022.08.23 10:51
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls’ dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant.
Total crypto market cap, USD billion. Source: TradingView
The worsening conditions are not exclusive to crypto markets. The price of WTI oil ceded 3.6% on Aug. 22, down 28% from the $122 peak seen on June 8. The United StatesTreasuries 5-year yield, which bottomed on Aug. 1 at 2.61%, reverted the trend and is now trading at 3.16%. These are all signs that investors are feeling less confident about the central bank’s policies of requesting more money to hold those debt instruments.
Crypto Fear & Greed Index. Source: Alternative.meWeekly winners and losers among the top-80 coins. Source: NomicsTether (USDT) peer-to-peer vs. USD/CNY. Source: OKXAccumulated perpetual futures funding rate on Aug. 22. Source: Coinglass
