BTC At Risk Of Recession

ByDavid

Bitcoin’s(btc) recent performance is an indication that there is currently a weak appetite for risk. This could be due to a variety of factors, such as economic uncertainty or political instability. Whatever the reason, it’s important to keep an eye on Bitcoin and other cryptocurrencies as their prices may be more volatile than usual.

  • Bitcoin investors are still talking about buying it on the downside…
In the past day, Bitcoin has increased by 2.9% to reach $20,900. Ethereum has had a 5.5% growth as well, putting it at $1,140. The top 10 altcoins have had a more significant range of growth, from 1.1% (Doge) to 11.5% (XRP).
 
The total crypto market saw a 3.1% rise in value, according to CoinMarketCap, jumping to $929bn over the course of 24 hours. Bitcoin’s share of the market, as measured by its dominance index, slipped 0.2 points to 42.9%. The cryptocurrency fear and greed index remained at 11 points (“extreme fear”) for the third day in a row.

Bitcoin rebounded from the previous day’s decline on Thursday amid rising US stock indices. The first cryptocurrency has not yet managed to advance above $21K. Markets must guess whether we see crypto market weakness compared to equities or whether BTC works as a leading indicator, indicating that the rebound in equities is false.

Famous investor Mark Mobius called bitcoin a leading indicator of stock market sentiment. He believes that now is a good time to buy stocks, as bitcoin investors are still talking about buying it despite the current market conditions.

Screenshot 49

China’s Economic Daily has warned local investors that when market confidence collapses or sovereign countries declare BTC illegal in the future, it will return to its original value of zero.

Changpeng Zhao, CEO of cryptocurrency exchange Binance, believes that after the current collapse, bitcoin may not surpass its previous high of $69,000 until 2024. The “Dvision Network” believes that crypto winter could last until the next bitcoin halving in 2024.

According to KPMG, institutional investors are interested in asset tokenisation, NFTs and meta-currencies. Citibank and METACO are launching a cryptocurrency storage service as traditional investment assets become more digitalised.

 
 

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