It appears as though there is no end to the bearish sentiment of the cryptocurrency market. The market is once again declining with cryptocurrencies in the red. In this article, we have summarized the most important crypto news and trends you may have missed in the past week.
Highlights of the week
Here are some of the major developments that occurred over the week:
- Bitcoin started moving downwards with a decline of 4% during the day after a minor upside movement during the week. BTC is currently standing at $36,968 while Ethereum is trading hands at $2,650
- Ethereum has topped Bitcoin to become the most-donated cryptocurrency in 2021
- South African regulators have warned its nationals about the risks of cryptocurrencies. The Financial Sector Conduct Authority of the country has issued a notice warning consumers of ByBit and FTX crypto exchange
- Thailand has announced to drop its plans of implementing a 15% Capital Gains Tax on crypto profits
- The CEO of Alphabet – Google’s parent company – Sundar Pichai has stated that Google is actively considering plans of how to incorporate the blockchain technology with the tech industry and help build blockchain-based products
- Leading crypto exchange Binance has followed the footsteps of other top exchanges like FTX, Coinbase, and Crypto.com into athlete endorsements in the Super Bowl
- Wormhole – the Solana & Ethereum bridge – has been exploited by a hacker which resulted in a loss of $320 million
- The metaverse pursuit of FaceBook – now Meta – has resulted in losses for the firm. Meta shares were down by 20% after news that the Metaverse project lost over $10 billion in 2021 and the firm plans on continuing its metaverse journey
Crypto fear & greed index
One thing is for sure, and that is the bearish sentiment of the cryptocurrency market. The crypto fear & greed is one of the most precise tools which helps investors gauge the sentiment of the market and make trades accordingly. The crypto fear and greed index has been showing a sign of extreme fear consistently over the past month. The new year was expected to help the market towards new heights but the bulls have disappeared.
The crypto fear and greed index recorded a brief period of bullishness as the market sentiment moved upwards from an indication of extreme fear to just fear yesterday. However, the momentum could not be sustained and the index has again fallen to extreme fear.
Moreover, the market capitalization of the global cryptocurrency market achieved a minor upside growth yesterday but the capitalization is again evaporating, currently standing at $1.71 trillion with a decline of 3% during the day.
