The crypto market cap in total is on the verge of taking another hit going below from eight twenty-five billion dollars. However, data suggests that traders are still adding to all the shorts and the longs.
The market of crypto currency as a whole is dropping by almost 8.1% in the last two days since the crypto market cap failed to smash the resistance of 880 billion dollars on 14th December.
The rejection will not invalidate their four-weeks long channel. However, a weeks closure below the resistance of 825 billion dollars might confirm their shift to a band lower and it will also reduce its support to 790 billion dollars.
The sentiment of the investors as a whole for the market still is bearish ad the year-to-date loss might go up till it reaches the 66% mark. Bad news for crypto market cap indeed. However, stablecoins like Bitcoin price has dropped down to a two percent this week and it is down to 16.8k USD on 16th December.
The Crypto Market Cap Is Falling Yet Again:
For cryptocurrencies, which are under pressure from impending regulation and worries that big exchanges as well as miners may go bankrupt, a very different dynamic has arisen. This explains because since December nine the market capitalization as a whole fell by 4.7%.
The panel in charge of a portion of FTX’s bankruptcy process was revealed in court filings submitted on December 15 by a US Trustee. These include GGC International, a subsidiary of the failing financial product Genesis, as well as Wintermute Asia, a prominent market makers. Investors are speculating that the virus might keep spreading because they are still unaware of who the largest FTX trading group debtors are.
