Bitcoin and the cryptocurrency market are trading mixed on Monday after muted trading over the weekend. The digital token market was bled to death as institutional investors were under pressure from the market decline as well as the Fed’s hawkish gaze.
With the exception of XRP and Terra, all of the other eight tokens in the top 10 digital tokens were trading down at 8:00 AM UTC. Avalanche fell 9%, while Terra and XRP rose 8% each.
The capitalization of the global cryptocurrency market fell more than 2% to $ 2.19 trillion from the previous day. However, the total volume of the crypto market increased by about 4% to $ 77.41 billion.
Venture capital funds have invested about $ 30 billion in cryptocurrency, or more than in all previous years combined, in technology that is just over a decade old. According to transaction data collected by PitchBook Data Inc.,
That’s nearly four times the previous high of about $ 8 billion in 2018, or a year after Bitcoin broke through more than 1,300 percent.
At over $ 2-3 trillion, the global cryptocurrency market is nearly the same as the size of India’s entire economy.
Joining companies such as Coca-Cola, McDonalds, Twitter, and Budweiser, Adidas has announced the launch of its first NFT.
Vodafone has decided to auction the world’s first “Merry Christmas” SMS as an NFT charity program. Based on the big TNCs taking an active part in the NFT space, this is no longer a fad and is not going anywhere.
Major lifestyle brands such as Adidas launched their NFT collection last week. We have seen tremendous growth in offshore sales due to the big launch. We can expect total NFT sales to pick up next week due to the upcoming Christmas season. ”
Over the past two weeks, nothing significant has happened in Bitcoin’s movement, except for the continuation of the intermediate downtrend, as well as a decrease in volatility. After a strong fall on December 4, Bitcoin is trading at almost the same level without any changes in technical parameters.
The intermediate trend remains downtrend as a series of lower tops is visible on the 4-hour chart. The flagship cryptocurrency must rise above $ 51,700 for the bullish rally to return. Otherwise, the retest option of $ 43,000 remains valid. Now it is difficult to say which direction the coin will turn after two weeks of consolidation, but against the general background of investor concerns, it may drag on until the New Year.
Posted by Newt Salamander, Analyst at Freedman Club Crypto News
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