Bitcoin rose
on Monday, ending the day at around $19,800. The recovery continues Tuesday
morning, taking the exchange rate to 20,300 and adding 6.4% over the past 24
hours. Ethereum added 9.8% to $1160, while other top-ten altcoins gained
between 2.7% (XRP) and 9.8% (Solana).
Total
cryptocurrency market capitalisation, according to CoinMarketCap, rose 6%
overnight to $917bn.
The
cryptocurrency Fear & Greed Index rose 5 points to 19 by Tuesday, the
highest level since May 7, near the upper edge of ‘extreme fear’ territory.
Traders took
advantage of a US weekend when the stock market was not trading to buy. In
addition, Asian trading is also moderately positive, adding to the optimism of
retail participants.
According to
CoinShares, capital inflows into crypto funds last week amounted to $64m, with
the bulk coming from funds that allow shorts on bitcoin ($51m).
Cryptocurrency-related
companies have had to fend off information attacks pointing to problems. Circle
CEO Jeremy Allaire, for example, denied rumours of issues with the USDC
stablecoin. KuCoin trading platform CEO Johny Lyu denied rumours of a possible
exchange default and assured that the platform had nothing to do with LUNA or
Three Arrows Capital.
Market veteran
Peter Brandt said that USDT has no place in the financial system and that
stablecoin will die soon.
Singapore-based
cryptocurrency lending and trading platform Vauld, which targets the Indian
market, announced that it is suspending withdrawals due to market volatility.
The
developers of Solana blockchain-based decentralised finance (DeFi) project
Crema Finance have suspended all operations due to a hack.
With such a
background, the crypto market growth looks like the intention of retail to “buy
when there is blood on the streets”. However, at this stage, when we see only
timid attempts at growth, it would be too early to talk about confirmation of a
broken downtrend.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.
This article was written by FxPro FXPro at www.forexlive.com.
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