Bitcoin
BTC$26 889.42

1.99%

Ethereum
ETH$1 650.74

2.84%

Tether
USDT$0.999955

0.08%

Binance Coin
BNB$214.70

1.20%

XRP
XRP$0.510427

2.17%

USD Coin
USDC$1.000039

0%

Bitcoin may be near the bottom, but years from the next FOMO


19 Dec 2022

#Bitcoin

Bitcoin is down 1.3% over the past seven days, remaining just below $17K since Saturday. Ethereum lost 5.3% to $1180. Other leading altcoins in the top 10 fell 8.8% (XRP) to 17.1% (Dogecoin). The intensified selling at the end of the week clearly showed that the market remains in the clutches of bears, capable of stopping the rise and sending the price lower. Total cryptocurrency market capitalisation, according to CoinMarketCap, fell 5.2% for the week, approaching $800 billion. The Cryptocurrency Fear and Greed Index was unchanged for the week, remaining at 26 points ("fear"). By Monday, the index was up 3 points to 29.

Bitcoin ends the year near the same levels where it traded two years earlier and where it was at the end of 2017, raising doubts that the coin's limited supply is enough for a permanent bull market.

Higher interest rates also raise the bar for other asset classes for new investors. Nevertheless, the currently reduced volatility after a sell-off of more than a year often serves as a good starting point for long-term investors, although it has yet to promise them quick profits. We are probably years away from a new wave of FOMO for cryptocurrencies, not days and months.

Bitcoin may be near the bottom, but years from the next FOMO

News background

According to a Huobi report, investments in metaverse and GameFi have increased 300% over the past year. Meanwhile, investment in the crypto industry's primary market exceeded $27.7bn in 2022, while the crypto market cap has fallen by more than $2.2 trillion. So far this year, authorities in 42 countries have approved 105 "regulatory measures and guidelines" for the industry.

Bitcoin is down 1.3% over the past seven days, remaining just below $17K

Analytics platform CryptoQuant analysed a report by auditing firm Mazars on cryptocurrency exchange Binance's reserves and confirmed its relevance. Mazars has since removed links to previously published reports and said it is discontinuing service to all cryptocurrencies.

The Basel Committee on Banking Supervision of the Bank for International Settlements (BIS) has recommended a cap on the share of crypto assets in commercial banks' core capital of 2%. A compromise between BIS’s initial proposal of 1% and banks’ 5%. The Raydium decentralised finance protocol on the Solana network reported a hack. A hacker gained access to the protocol's administrative account and withdrew assets worth $2.2 million.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 95.6% 2 $26 889.42 1.99% 1.21% $524 310 325 162 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90.8% 5 $1 650.74 2.84% 3.91% $198 478 152 971 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999955 0.08% 0% $83 272 842 471 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92% 4 $214.70 1.20% 1.50% $33 030 424 118 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 88.4% 9 $0.510427 2.17% 0.06% $27 212 086 699 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000039 0% 0.01% $25 590 467 629 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 84.4% 24 $0.088655 3.98% 6.67% $9 014 096 765 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 92.4% 6 $0.250264 2.34% 2.20% $8 791 380 177 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 93.6% 5 $0.061430 1.36% -0.17% $8 673 848 320 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 87.2% 20 $20.19 4.78% 3.31% $8 336 099 498 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 87.2% 22 $0.087251 2.02% 4.97% $7 772 636 407 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 59.2% 84 $2.21 3.04% -4.14% $7 584 120 041 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 93.2% 1 $0.999735 -0.01% 0.01% $5 346 471 546 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 88.4% 7 $4.07 1.85% 1.21% $5 003 217 488 DOT 7 days price change

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