Crypto

Crypto Market Analysis

Crypto Market Analysis | 8 July 2024  

Market Analysis

The Crypto Fear & Greed Index has dropped to 29, its lowest point since January 2023, as Bitcoin’s price fell below $54,000. The decline is largely attributed to selling pressure from seized BTC sales by the German and US governments, as well as refunds to Mt. Gox users. Bitcoin could further dip to $50,000 due to these factors.

In the past week, Bitcoin declined by over 10%, falling below its 200-day moving average. Analysts warn of potential further downside but also highlighted potential buying opportunities if the selling pressure subsides more quickly than expected.

Proving it true, U.S. investors took advantage of the dip on Friday, investing over $140 million into spot Bitcoin ETFs. Fidelity’s Wise Origin Bitcoin Fund led these inflows with $117.4 million, showcasing continued confidence in the long-term potential of crypto.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered investment/financial advice from CoinSwitch. Any action taken upon the information shall be at the user’s risk.

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