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The Crypto Market Leader Leaved $40k And Trades Ca. $4-5k Lower

The Crypto Market Leader Leaved $40k And Trades Ca. $4-5k Lower | FXMAG.COM
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Losing for the sixth day in a row, bitcoin is approaching a retest of the intermediate round level of 35,000, near which buyers became more active at the end of last month. A further decline could open a direct road to the 30,000 area, where the coin was bought back twice in 2021. Given the changed macroeconomic conditions and the pressure on risky assets, will the crypto remain as interesting at these same levels?

Cryptocurrencies once again fell under geopolitical pressure, although a relatively small decline was caused by the absence of major US players due to a holiday in the US. And again, risky assets, from stocks to digital currencies, collapsed with the aggravation of the situation around Ukraine, where investors fear conflict in Eastern Europe.

Against this background, one of the world's largest hedge funds, Man Group, called bitcoin a risky asset, as indicated by the growing correlation of BTC with the Nasdaq stock index.

the crypto market leader leaved 40k and trades ca 4 5k lower grafika numer 1the crypto market leader leaved 40k and trades ca 4 5k lower grafika numer 1

Black Swan author Nassim Taleb criticized bitcoin as a hedge, calling it "the perfect game for losers" in an environment of low interest rates.

Huobi co-founder Du Jun expects bitcoin to rise to new highs no earlier than 2025, basing his assumptions on halving-related price cycles. Bitcoin was down 3.1% on Monday, ending the day near $37,100, continuing to drop moderately on Tuesday morning to $36,700. Ethereum lost 3%, falling back to $2,500, while other top-ten altcoins also mostly sank: from 4.9 % (Binance Coin) to 7.1% (Solana). The exception was Terra, which posted a 3.8% increase.

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The total capitalization of the crypto market, according to CoinMarketCap, fell by 7.3% over the day, to $1.66 trillion. The Bitcoin dominance index rose from 41.7% to 42.2% due to a sharper decline in altcoins.

The fear and greed index lost 5 points to 20, deepening into a state of "extreme fear."

the crypto market leader leaved 40k and trades ca 4 5k lower grafika numer 2the crypto market leader leaved 40k and trades ca 4 5k lower grafika numer 2


Alex Kuptsikevich

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.


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