Bitcoin falls below $17,000 again. The entire market is in the red with a few exceptions.
Red market
Bitcoin recently broke above the $17,000 mark, causing some observers some excitement. However, this brightening will be short-lived. At the time of writing, the asset is trading for $16,800. It is down 1% in the last 24 hours. BTC has remained stable over the past week.
The market context remains complex. Altcoins are also taking the hit. Ethereum is trading around $1230 in Fall 2.4% in the last 24 hours. The asset is down 3% in the last 7 days.
The BNB shows a fall of almost 5% during the week and is currently trading around $284. This does not prevent Binance boss CZ from being optimistic on his Twitter feed. In fact, the latter points to an article in The Economist, do announce the bottom.
Articles of this type indicate the _ _ _ _ _ _. pic.twitter.com/kDwXCwEJIF
— CZ 🔶 Binance (@cz_binance) December 7, 2022
This new article again announces the crypto death. An unprecedented situation since the creation of Bitcoin in 2009.
The other big market caps like XRP, Dogecoin or Cardano have also declined more or less. polygon as manages for many months to back off. The asset is up almost 3% during the week. Blockchain is again in the news with the release of NFT launched by Warner Music Group, one of the biggest record labels in the world.
Polygon has had multiple partnerships or big announcements in recent months. Good news in the series to the point that some observers see the network as a an asset to rely on in the coming years.
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A few winners amidst this slump
Despite this complex context, some cryptos manage to hold their own MultiverseX, formerly Elrond. The latter certainly benefits from its publicity listed by the giant Coinbase this 7 December.
As is often the case, a listing on one of the world’s largest exchanges creates buying pressure on the asset. However, in this period of market mark, the latter is still moderate. In fact, EGLD has gained just over 3% in the last 24 hours.
Another winner, Synthetix, which rose 2.8% in the last 24 hours. The Trust Wallet Token gains more than 2% and Toncoin more than 1.7%. However, this is still very small.
The losers have been named Aptos with a decrease of almost 7%. in the last 24 hours, 1inch to fall 6.7% in 24 hours or ImmutableX.
What next for the crypto market?
The future looks bleak for the crypto market. Some traders like the French-speaking Trading Captain think that Bitcoin may regain control even if the latter also mentions that there may be a trap for the coming days.
The macroeconomic context remains also uncertain. Traditional markets are down this week like the S&P 500. The latter fell more than 3%. Once again, the price was stopped at a descending trend line.
The price of the S&P 500 has been below a downtrend for many months (source: Tradingview.com)
The trend is still bearish in the medium and long term with lower and lower highs and lower and lower troughs according to Dow theory. A continuation of this trend would surely slow down the signs of rebound in the crypto market.
The FTX crisis took the crypto market down a level and it doesn’t seem to be able to recover for the time being. We will be watching carefully this end of the year on the traditional and crypto markets!
To learn more about Tether’s Yuan-backed Chinese stablecoin launch, find our article here.
