The mood in the cryptocurrency market lately has been brutal at times, with any attempt to break through to the upside being immediately destroyed, followed by an even lower bottom.
Bitcoin is about 35 percent below its record high since early October, and altcoins are of course much lower. Bitcoin’s weekly RSI is in the most oversold territory since April, which should at least bring some recovery in the short term, but what if investors in US ETFs (especially BlackRock’s IBIT) are still clearly on the sell side. Thursday saw a net outflow of $900 million from Bitcoin-backed ETFs!
The downward turn, after everything looked promising at the beginning of October (bitcoin was at a record $126,000), is really surprising, especially considering the institutional acceptance of cryptocurrencies, and also the support of the White House, reports SEEbiz.
By the way: Trump’s empire has taken a big hit, mostly due to the fall of cryptocurrencies (in July, Trump Media had two-thirds of its liquid assets invested in bitcoin), and the fall in Trump Media’s stock (down 70 percent this year) is now so great that the US president and his family have already lost $5 billion in assets. And here’s something else: Trump’s meme coin $TRUMP is already more than 90 percent away from its record, while Melania’s is 99 percent away.
