Bitcoin (BTC) touched $18,500 last week, but the price fell quickly after that and already dipped below $17,000 by the weekend. Bitcoin dipped to $16,600 early this morning, but is recovering to $16,725 on Binance and $15,723 on Bitvavo at the time of writing.
This puts the bitcoin price down 0.3% today. The trading volume increased by 14% in the past 24 hours. The total market capitalization is $322 billion and the dominance is 39.9%. The Fear & Greed Index comes out at 29 (Fear).
Bitcoin Fear and Greed Index is 29 ~ Fear
Current price: $16,760 pic.twitter.com/Bh4ZUZkEu7— Bitcoin Fear and Greed Index (@BitcoinFear) December 19, 2022
FOMC is pushing markets down
Last week, the Federal Reserve sounded more after FOMC after all hawkish than expected. This in turn led to an increase in fear in many financial markets. Not only bitcoin, but also many stock markets took a big hit.
The next FOMC and rate hike will not follow until February 1, 2023. The market currently expects the Fed to raise rates by 0.25%, but a lot could change by then.
Perma-bulls & Fed doubters are insisting (once again) that the Fed can’t raise rates and that the tightening cycle is over…
CME futures drastically disagree, with market participants currently expecting:
• 75% chance of +0.25% rate hike in Feb’23
• 25% chance or +0.5% hike pic.twitter.com/Wj98gEfycQ— Caleb Franzen (@CalebFranzen) December 18, 2022
The chance of a Christmas rally seems small
Last year, the market was still hoping for a so-called Christmas rally around this time, but it ultimately failed to materialize. This year, hopes for such a rally already seem to be a lot smaller.
Analyst David Puell reports that there is still too little network activity for a bull run. There is also little conviction and liquidity in the current macroeconomic conditions.
This of course gains conviction in an environment of more favorable macro liquidity and little or no crypto contagion. Exogenous and endogenous “swans.”
— David Puell (@dpuellARK) December 17, 2022
Largest monthly bitcoin outflow ever
Last month, the most bitcoin ever was removed from exchanges, analyst Maartunn reports. This is of course due to the FTX crash, which has greatly reduced confidence in these types of platforms and other crypto exchanges are also under pressure.
Highest monthly #Bitcoin outflow EVER 😱 pic.twitter.com/GXiL3Bt2qs
— Maartunn (@JA_Maartun) December 18, 2022
However, this may also be a positive development for the long term as these BTC are being withdrawn from circulation as there is no intention to sell them at current prices.
Largest amount of stablecoins to derivatives exchanges
The largest ever amount of stablecoins was also recently sent to derivatives exchanges, reports analyst Woominkyu. This may actually increase buying pressure, but may also be a sign that more investors are learning to trade with derivatives. It is popular in these types of markets to gamble with shorts.
Highest Transactions Made By Coin Depositors
“Recently, the number of coins addresses depositing stablecoins to all derivative exchanges has reached to new all time high.”
by @Woo_MinkyuLink👇https://t.co/ML6Tt8AKrt pic.twitter.com/sFPDmB2ZQj
— CryptoQuant.com (@cryptoquant_com) December 19, 2022
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