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Monday, January 30, 2023

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Bitcoin (BTC) starts the week with losses; Crypto market is pulled by China

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“The news of the protests in China affects the global risk market, and the crypto market ends up falling with it”, says analyst (Image: Pexels/shutter_speed)

O Bitcoin (BTC) starts the week with drops of more than 2% this Monday (28), trading in the range of US$ 16,100. O Ether (ETH) starts the week trading at $1,700 and has dropped more than 3% in the last twenty-four hours. The total cryptocurrency market cap is down 2.76% to $819,000.

Most of the losses follow the rhythm of the Nasdaq Index, index of United States of the main technology actions in the country. even though the crypto market is in a process of decreasing this correlation with risky assets, the nasdaq continues to influence.

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As shown in the chart prepared by The Block, the Nasdaq has a higher Bitcoin ratio than the S&P 500, even though the month started with the dominance of the S&P 500.

Among the explanations for the red day in the crypto and traditional market, the demonstrations in China, which intensified on the last day, stand out. For André Franco, chief analyst at Mercado Bitcoin, “the crypto world followed this stress”.

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“The news of the protests in China affects the global risk market, and the crypto market ends up falling with it”, he says. In China, protesters contest new measures to combat Covid-19.

“If things continue to escalate, we should see more and more of the traditional market suffering, and the crypto market should follow. At least in this moment of greater stress”, he reinforces.

Franco comments that the scenario is one of uncertainty, and more falls are possible ahead.

However, the Fear & Greed index rises this Monday. After reaching 21 points (extreme fear) last week, the index is now at 28 (fear).

Latest Crypto Fear & Greed Index

The “Fear & Greed” index, or fear and optimism, seeks to represent the feelings that surround the market. The index scale is from 0 to 100 points. The closer to zero, fear is extreme, and from 100, optimism reigns.

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Source: Moneytimes

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