Bitcoin has lost 1.9% in the past 24 hours, trading near $20.8K on Tuesday morning. Ethereum lost 2.3% to $1190, while other leading altcoins fell from 1.4% (BNB) to 6.5% (Dogecoin).

Total cryptocurrency market capitalisation, according to CoinMarketCap, sank 1.8% overnight to $933bn. The cryptocurrency Fear and Greed Index was down 2 points to 10 by Tuesday and remains in “extreme fear” mode.

Bitcoin was down on Monday, echoing the behaviour of the US stock indices. However, the stock market, particularly the Nasdaq, showed a much sharper rebound last week.

The BTCUSD remains under its simple 200-week moving average. It needs a meaningful fundamental driver, which is not yet easy to find and overcome.

The inability to find a point for a quick recovery makes the current cycle like the previous two in 2014 and 2018, when the decline lasted a year, after which we saw about a year of sluggish momentum with a slight noticeable upward bias. If we do see a repeat of this pattern, the pressure on the first cryptocurrency and following it, the whole market could continue until the end of the year, and there is no point in rushing to buy right now in the hope of a V-shaped rebound.

Bitcoin is experiencing the worst bearish trend in its history, Glassnode believes, and most investors are selling the coin at a loss.

According to Bloomberg, the collapse of BTC put mining companies’ loans worth $4 billion at risk of default. BTC miners are now selling it and bucking the bearish trend: they have sold 20% of their volumes in the past two months. Their selling may continue in the third quarter if market conditions don’t improve, JPMorgan believes.

Galaxy Digital CEO Mike Novogratz believes the recession in the crypto market will last 18 months. Adverse market conditions will test crypto exchanges, and some may go bust, Kaiko admits.

A growing number of cryptocurrency hedge funds are selling the US dollar-linked stablecoin Tether (USDT) amid the gloomy outlook for the crypto market. According to CoinGecko, Tether’s market capitalisation has fallen by more than $20 billion since mid-May.

The Bank for International Settlements published a report on several central banks’ experiments with digital currencies and concluded that the future of cross-border payments lies with state-owned Stablecoins.


Trade Responsibly. CFDs and Spread Betting are complex instruments and come with a high risk of losing money rapidly due to leverage. 77.37% of retail investor accounts lose money when trading CFDs and Spread Betting with this provider. The Analysts' opinions are for informational purposes only and should not be considered as a recommendation or trading advice.

Recommended content


Recommended Content

Editors’ Picks

Polygon joins forces with WSPN to expand stablecoin adoption

Polygon joins forces with WSPN to expand stablecoin adoption

WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.

More Cryptocurrencies News
Coinbase envisages listing of more meme coins amid regulatory optimism

Coinbase envisages listing of more meme coins amid regulatory optimism

Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.

More Crypto News
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B

As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.

More Bitcoin News
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange

Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.

More Shiba Inu News
Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin: Rally expected to continue as BTC nears $100K

Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week. 

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP