Bitcoin
BTC$27 686.50

-1.54%

Ethereum
ETH$1 753.83

-2.24%

Tether
USDT$1.002131

0.08%

Binance Coin
BNB$324.49

-3.72%

USD Coin
USDC$0.999458

0.08%

XRP
XRP$0.451417

-1.31%

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 72% 51 $27 686.50 -1.54% 12.26% $535 055 944 515 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.4% 34 $1 753.83 -2.24% 5.65% $214 622 976 485 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.002131 0.08% -0.07% $77 601 370 004 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74% 47 $324.49 -3.72% 0.92% $51 234 239 201 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 2 $0.999458 0.08% -0.04% $34 703 015 524 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 85.6% 17 $0.451417 -1.31% 23.74% $23 000 119 507 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 63.2% 82 $0.123358 18.48% 52.30% $21 391 630 916 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78% 44 $0.369965 -1.76% 12.89% $12 844 876 045 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 57 $0.075005 -1.31% 6.24% $9 950 971 303 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 76.4% 51 $1.12 -1.91% -0.94% $9 797 674 979 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 74.8% 54 $21.69 -3.00% 10.97% $8 322 389 970 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999370 -0.05% -0.07% $8 058 942 746 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 72.8% 50 $6.17 -2.34% 2.98% $7 212 834 820 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 70.4% 58 $87.92 8.34% 11.30% $6 377 673 020 LTC 7 days price change

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