GM!
Miners, DAT names, and crypto-exposed equities took another hit as the crypto market searches for a bottom.
What Happened?
Bitcoin slipped under $100,000 for the third time this month, dragging the entire crypto-equities complex with it.
The move came during another rough U.S. session which saw the Nasdaq fall 1.5% and down another 1.5% in premarket today.
It is indeed a red board out there:
This came amidst $867M in BTC ETF outflows yesterday, the most since February 25.
Crypto stocks were hit as well, with MSTR -7%, COIN -7% & HOOD -9%.
Open interest has also not fully recovered.
Bybit’s derivatives team estimated it could take two full quarters for futures and perps markets to rebuild the ~$19B in OI lost in the October liquidation.
Just a brutal week overall for the crypto markets.
Why It Matters
Sentiment is fragile.
Crypto Fear & Greed remains in Extreme Fear and at levels not consistently seen since 2022.
All while Bitcoin had held $100k (at least until the past 24 hours).
No one knows what will happen next, but the macro bull case for Bitcoin and the broader crypto space remains the same.
Perhaps there is more pain ahead. Or perhaps we will find the bottom this weekend.
Either way, don’t lose the plot because of a few weeks or months of bad price action.
Macro Crypto and Memes
A few Crypto and Web3 headlines that caught my eye:
Bitcoin Maxi Jack Dorsey Embraces Stablecoin Payments in Cash App—On Solana
This article has been published on decrypt.co via Yahoo News.
Bitcoin Breaks Below $95K As Markets Tumble
Miners, DAT names, and crypto-exposed equities took another hit as the crypto market searches for a bottom.
What Happened?Bitcoin slipped under $100,000 for the third time this month, dragging the entire crypto-equities complex with it.
The move came during another rough U.S. session which saw the Nasdaq fall 1.5% and down another 1.5% in premarket today.
It is indeed a red board out there:
This came amidst $867M in BTC ETF outflows yesterday, the most since February 25.
Crypto stocks were hit as well, with MSTR -7%, COIN -7% & HOOD -9%.
Open interest has also not fully recovered.
Bybit’s derivatives team estimated it could take two full quarters for futures and perps markets to rebuild the ~$19B in OI lost in the October liquidation.
Just a brutal week overall for the crypto markets.
As Bitcoin Plunges Below $95K, Is Crypto in a Bear Market?
Why It MattersSentiment is fragile.
Crypto Fear & Greed remains in Extreme Fear and at levels not consistently seen since 2022.
All while Bitcoin had held $100k (at least until the past 24 hours).
No one knows what will happen next, but the macro bull case for Bitcoin and the broader crypto space remains the same.
Perhaps there is more pain ahead. Or perhaps we will find the bottom this weekend.
Either way, don’t lose the plot because of a few weeks or months of bad price action.
Macro Crypto and MemesA few Crypto and Web3 headlines that caught my eye:
Bitcoin Maxi Jack Dorsey Embraces Stablecoin Payments in Cash App—On Solana
This article has been published on decrypt.co via Yahoo News.
