Bitcoin’s never-ending search for a bottom


Bitcoin closed last week with a new formal decline, losing $100 to $16490.

At the start of trading on Monday, it loses another $360 to $16150.

The week starts with weak risk appetite on global markets due to Chinese unrest. Ethereum performs better, adding 3.3% during the week to $1170. Other major altcoins in the top 10 change from -2.5% (Polkadot) to 22.2% (Dogecoin).

The total crypto market capitalization, according to CoinMarketCap, increased by 2% during the week, to $817 billion.

The cryptocurrency Fear & Greed Index rose to 28 on Monday, moving to “fear” versus “extreme fear” at 21 a week ago.

Bitcoin updated two-year lows below $15,500 last week on news of the potential bankruptcy of cryptocurrency lending service Genesis Global Capital.

Bitcoin is under pressure from institutionalists whose risk appetite is firmly tied to stock markets. Bitcoin continues to look for a bottom from which it can bounce back, but the negative external background is still not conducive to buying.

News background

According to Barron’s, Genesis Global Capital was the subject of an investigation by US regulators regarding the suspension of withdrawals and the company’s liquidity crisis.

It’s unclear if US federal regulators are involved, but at the very least, Alabama state regulatory agencies are investigating.

The Ardana team of the DeFi project of the Cardano blockchain ecosystem said it suspended its development due to “uncertainty about funding and the timing of the project”.

Bloomberg, a news agency, reports that Cryptocurrency lender Matrixport is seeking funding for $100 million.

And while the company says the moves have nothing to do with a lack of liquidity, investors are taking little comfort.

An analysis of Bitcoin transactions has helped British police arrest more than 100 people in the largest anti-fraud operation in UK history, led by Scotland Yard.

The iSpoof website was taken down, and phone fraud suspects were caught.

This article was written by FxProAlex Kuptsikevich’s Senior Market Analyst.



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