© Reuters. Bitcoin, Ethereum, Dogecoin Have Still Not Found A Bottom: Are Whales Feeding On Investors”https://uk.investing.com/”Extreme Fear?’
and other major coins were trading in the red on Sunday evening as the global cryptocurrency market cap decreased 3% to $1.6 trillion.
| Bitcoin (CRYPTO: BTC) | -3.6% | -11.9% | $34,104.31 |
| (CRYPTO: ETH) | -4.3% | -11.25% | $2,519.60 |
| (CRYPTO: DOGE) | -2.65% | -6.55% | $0.12 |
| ICON (ICX) | +8.2% | $0.66 |
| (AXS) | +7.3% | $30.74 |
| NEAR Protocol (NEAR) | +7.7% | $11.16 |
See Also: Best Crypto Debit Cards
Why It Matters: Bitcoin and Ethereum continued to post declines alongside spurts in 24-hour trading volumes. BTC and ETH 24-hour trading volumes rose 51% and 55% respectively to $36.84 billion and $20.82 billion.
U.S. stock futures also traded in the red at press time, with the S&P 500 and Nasdaq futures down 1.1% and 1%, respectively.
Cryptocurrency trader Michaël van de Poppe noted the lack of movement in Bitcoin price with the volume “going crazy” during the weekend. He ascribed the heightened volume to a “whales game.”
Interesting, such a high volume profile and price shoots back up.
During a weekend.
Whales game.
— Michaël van de Poppe (@CryptoMichNL) May 8, 2022
The downwards movement of Bitcoin all the way to the $33,900 level is what Santiment likes to see in terms of capitulation. The market intelligence platform said that trader sentiment has fallen to six-week lows.
“Weak hands leaving the space is generally what is needed for a truly notable bounce,” tweeted Santiment.
With #Bitcoin now having retraced all the way down to $33.9k, trader sentiment has fallen to six week lows. We typically prefer to see capitulation signs like this, as weak hands leaving the space is generally what is needed for a truly notable bounce. https://t.co/AhXOBYcN9i pic.twitter.com/9HnY89RTuF
— Santiment (@santimentfeed) May 8, 2022
Investor sentiment meanwhile has also taken a beating. Alternative.me’s “Crypto Fear & Greed” index flashed “Extreme Fear” at press time. Last week, the index indicated “Fear.”
Read Next: Bitcoin Bloodbath Getting Worse: Crypto Experts Say Mid-$20,000 Range May Be Next
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read at Benzinga
Read the original article on Benzinga
This news is republished from another source. You can check the original article here
Be the first to comment