Bitcoin
BTC$70 152.46

-0.52%

Ethereum
ETH$3 539.66

-0.62%

Tether
USDT$1.000055

0.06%

Binance Coin
BNB$618.69

6.32%

Solana
SOL$185.73

1.30%

XRP
XRP$0.629488

1.71%

Is Bitcoin leading or following global demand for risk?


23 May 2022

#Bitcoin

Bitcoin is down 3.6% over the past week, ending near $29,900. Ethereum lost 5.8%, while other leading altcoins in the top 10 fell from 5.4% (XRP) to 9.2% (Cardano). The exception was Binance Coin (+3.3%). According to CoinMarketCap, the total capitalisation of the crypto market has changed little over the past seven days at 1.29 trillion, as the decline at the beginning of the last week was largely reversed by its end.

By Monday, the cryptocurrency fear and greed index is down 4 points to 10. Bitcoin has declined for seven consecutive weeks amid a sell-off in stock markets. Bitcoin is in its 13th day of trading through the $30K level.

Over the weekend, we saw almost traditional buying by retail investors, but their strength only allowed them to bounce back from Friday's losses. If we look at Bitcoin as a leading indicator of risk demand rather than tailing off moves in the S&P500 or Nasdaq, we may well be in a situation where the tail rules the dog. Galaxy Digital CEO Mike Novogratz said that the altcoin market will collapse by another 70% with US Fed policy and a bearish trend.

Is Bitcoin leading or following global demand for risk?

Microsoft co-founder Bill Gates said he only invests in assets that "deliver returns". In his view, cryptocurrencies do not fall into that category. Billy Marcus, one of the creators of Dogecoin, said the cryptocurrency market is a mix of unhealthy optimism, FOMO, panic, scams, gambling, and widespread stupidity. He said he has not been involved in the DOGE project for more than 7.5 years but describes himself as a coin supporter.

ECB head Christine Lagarde said that, unlike central bank digital currencies, cryptocurrencies have no value and are not based on anything. A group of G7 finance ministers pointed to the importance of accelerated legislation to regulate digital assets following the collapse of the UST stable coin and LUNA cryptocurrency.


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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 75.2% 42 $70 152.46 -0.52% 9.16% $1 379 720 746 792 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 72% 50 $3 539.66 -0.62% 3.84% $425 009 559 105 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000055 0.06% 0.01% $104 510 091 029 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 62.4% 80 $618.69 6.32% 10.23% $92 516 482 129 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 56.8% 88 $185.73 1.30% 7.23% $82 540 602 104 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 82.8% 28 $0.629488 1.71% 1.58% $34 548 992 989 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 92.8% 2 $0.999994 0% 0.01% $32 521 963 256 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 65.2% 66 $0.214140 -0.90% 38.70% $30 764 569 227 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 67.6% 66 $0.657719 1.87% 5.93% $23 404 582 255 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 60.4% 87 $53.69 -0.22% -5.45% $20 263 976 659 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 54.4% 94 $0.000031 -3.91% 14.05% $18 113 315 993 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 60.8% 86 $4.97 -0.13% 16.21% $17 248 308 780 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 72% 49 $9.60 1.61% 6.27% $13 699 255 317 DOT 7 days price change
14 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 72.4% 57 $624.46 9.73% 52.78% $12 291 074 092 BCH 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 76.8% 42 $19.01 -1.40% 5.62% $11 160 064 412 LINK 7 days price change

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