{"id":17756,"date":"2022-05-24T12:46:06","date_gmt":"2022-05-24T12:46:06","guid":{"rendered":"https:\/\/egrowonline.com\/?p=17756"},"modified":"2022-05-24T12:46:06","modified_gmt":"2022-05-24T12:46:06","slug":"bitcoin-btc-drops-as-crypto-sentiment-hits-rock-bottom","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=17756","title":{"rendered":"Bitcoin (BTC) Drops As Crypto Sentiment Hits ‘Rock Bottom’"},"content":{"rendered":"


\n<\/p>\n

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Bitcoin<\/strong>\u00a0and\u00a0Ethereum<\/strong>\u00a0lost ground at press time on Monday evening, as both coins failed to breach their key levels amid diminishing returns, with the global cryptocurrency market cap falling 3% to $1.25 trillion.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

<\/p>\n

Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC\/USD<\/span><\/td>\n

<\/p>\n

-3.7%<\/td>\n

<\/p>\n

-2.4%<\/td>\n

<\/p>\n

$29,169.44<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH\/USD<\/span><\/td>\n

<\/p>\n

-3.2%<\/td>\n

<\/p>\n

-2.5%<\/td>\n

<\/p>\n

$1,977.84<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DOGE\/USD<\/span><\/td>\n

<\/p>\n

-3%<\/td>\n

<\/p>\n

5.5%<\/td>\n

<\/p>\n

$0.08<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n

<\/p>\n

Cryptocurrency<\/th>\n

<\/p>\n

24-Hour % Change (+\/-)<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin Gold<\/strong> (BTG)<\/td>\n

<\/p>\n

+25%<\/td>\n

<\/p>\n

$24.37<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

TerraUSD<\/strong> (UST)<\/td>\n

<\/p>\n

+11.8%<\/td>\n

<\/p>\n

$0.0715<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Stacks<\/strong> (STX)<\/td>\n

<\/p>\n

+9.4%<\/td>\n

<\/p>\n

\u200b\u200b$0.61<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also: Best USDC Interest Rates<\/a><\/em><\/p>\n

What Happened:\u00a0<\/strong>While U.S. stocks rallied on Monday, the momentum fizzled out after the closing bell. At press time, S&P 500 and Nasdaq futures were down 0.3% and 0.7%, respectively.<\/p>\n

Risk assets like Bitcoin failed to attract investors and will remain a \u201cchoppy trade\u201d throughout the summer, according to\u00a0Edward Moya<\/strong>, a senior market analyst at OANDA.\u00a0<\/p>\n

\u201cBitcoin prices remain weak despite a broad risk rally on Wall Street. It looks like most crypto traders are hesitant to buy the dip, which most likely means that the bottom has not been made,\u201d said Moya.<\/p>\n

Moya said the apex coin could rebound once Wall Street believes the\u00a0Federal Reserve<\/strong>\u00a0will stop hiking rates near the 3% level.<\/p>\n

Bitcoin Investor sentiment has hit a \u201crock bottom\u201d and is at its lowest since the Black Thursday in March 2020, said\u00a0Santiment<\/strong>\u00a0on Twitter.<\/p>\n

\u201cWeak hands may continue to present opportunities for the patient,\u201d said the market intelligence platform.<\/p>\n

<\/p>\n

#Bitcoin<\/a>‘s sentiment is at rock bottom, indicating the amount of doom and gloom surrounding $BTC<\/a> and #crypto<\/a> in general is at its most negative since #BlackThursday<\/a> in March, 2020. Weak hands may continue to present opportunities for the patient.\u00a0 https:\/\/t.co\/xrYR9idNXj<\/a> pic.twitter.com\/PKLO0d6xEO<\/a><\/p>\n


\n\u2014 Santiment (@santimentfeed) May 23, 2022<\/a><\/p><\/blockquote>\n

Bitcoin and Ethereum losing some sheen have taken place in the backdrop of diminishing returns,\u00a0Glassnode<\/strong>\u00a0noted in a weekly post.\u00a0<\/p>\n

The apex coin’s compound annual growth rate has dropped from 200% in 2015 to less than 50%, and it has lost 1% of its market value each day over the last month alone, according to Glassnode.<\/p>\n

\"\"Bitcoin 4-Year CAGR \u2014 Courtesy Glassnode\u00a0<\/em><\/p>\n

The four-year CAGR for Ethereum over the last 12 months has dropped to just 28% per year from 100% per year, while Bitcoin\u2019s has fallen to 36% per year.<\/p>\n

\"\"BTC\/ETH – 4Yr CAGR \u2014 Courtesy Glassnode<\/em><\/p>\n

The most important support level for Bitcoin is between $29,330 and $30,200, where 1.23 million addresses hold almost 850,000 BTC, chartist\u00a0Ali Martinez\u00a0<\/strong>tweeted.<\/p>\n

Bitcoin \u201cneeds to hold above this demand wall for a chance of rebounding. Failing to do so can lead to the continuation of the downtrend,\u201d said Martinez.<\/p>\n

<\/p>\n

The most significant support level for #Bitcoin<\/a> sits between $29,330 and $30,200 where more than 1.23 million addresses hold nearly 850,000 $BTC<\/a>.#BTC<\/a> needs to hold above this demand wall for a chance of rebounding. Failing to do so can lead to the continuation of the downtrend. pic.twitter.com\/No086S0Jw2<\/a><\/p>\n


\n\u2014 Ali Martinez (@ali_charts) May 20, 2022<\/a><\/p><\/blockquote>\n

Read Next:<\/em> Gold Production Releases Five Times More Greenhouse Gases Into The Air Than Bitcoin Mining<\/em><\/a><\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin\u00a0and\u00a0Ethereum\u00a0lost ground at press time on Monday evening, as both coins failed to breach their key levels amid diminishing returns, with the global cryptocurrency market cap falling 3% to $1.25 trillion. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC\/USD […]<\/p>\n","protected":false},"author":1,"featured_media":17757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[50,828,194,62,293,259,827,1691],"class_list":["post-17756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-bitcoin","tag-bottom","tag-btc","tag-crypto","tag-drops","tag-hits","tag-rock","tag-sentiment"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/05\/shutterstock_1978798856.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17756"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17756\/revisions"}],"predecessor-version":[{"id":17758,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17756\/revisions\/17758"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/17757"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17756"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}