Falling Stocks Demoralise Crypto Buyers

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Falling Stocks Demoralise Crypto Buyers

<p>Market picture</p><p class="MsoNormal">Bitcoin is
losing 1.9% over the past 24 hours, falling back to $19K amid falling stock
indices and a stronger US dollar. BTCUSD has rolled back to last Monday's lows
and is testing the lower end of the trading range where there were many upward
reversals during the latest four months.</p><p class="MsoNormal">In theory,
the bears have a better chance this time, as the cryptocurrency market has
undergone a prolonged consolidation, ceasing to be locally oversold. That said,
the Nasdaq index had updated more than two-year lows overnight which could
further demoralise crypto bargain hunters.</p><p class="MsoNormal">According to
CoinShares, investments in crypto funds declined last week after three weeks of
small inflows. Outflows amounted to $5M. Bitcoin investments rose by $12M.
Investments in funds allowing shorts on bitcoin fell by a record $15M. Trading
volumes remain historically low; investors are waiting for signals that the Fed
is ready to review hawkish monetary policy, CoinShares noted.</p><p>News background</p><p class="MsoNormal">The first
cryptocurrency's mining difficulty has set a new high at 35.61T after another
recalculation. The increase of 13.55% at once was the largest since May 2021.
According to Glassnode, the network's hash rate (smoothed by the 7-day moving
average) is near the record high of 257.9 EH/s recorded on October 6.</p><p class="MsoNormal">According to
Santiment, crypto whales have boosted their investment in the first
cryptocurrency by 46,200 BTC in the past two weeks.</p><p class="MsoNormal">Billionaire
and Tudor Investment hedge fund founder Paul Tudor Jones said he continues to
hold his investments in the first cryptocurrency because of Fed policies.</p><p class="MsoNormal">This article was written by <a href="https://www.fxpro.com" target="_blank">FxPro</a>'s Senior Market
Analyst Alex Kuptsikevich.</p>

                This article was written by FxPro FXPro at forexlive.com.

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