Bitcoin (BTC) was trading slightly up on the day at $19,200. The cryptocurrency appears to be showing resilience, while global stocks fell to a two-year low and U.S. stock futures struggled to find direction on Monday.
Bitcoin touched $20,000 on Friday and dipped to as low as $18,900 on Sunday.
Ethereum (ETH) was trading at around $1,293 on Monday, a small increase, while Uniswap (UNI) rose about 3.5%.
In traditional markets, the focus was on Credit Suisse. The bank’s shares fell by as much as 10% on Monday after the Swiss lender failed to calm investor fears about its financial health.
Digital-asset investment products saw inflows of $10.3 million last week, the third consecutive week of inflows, according to a report from CoinShares.
“The flows remain low implying a continued hesitancy amongst investors,” the report stated. “This is highlighted in investment product trading volumes, which were $886 million for the week, the lowest level since October 2020.”
The report also noted that there was broadly negative sentiment for altcoins last week with outflows totaling $3.5 million. The most affected were the tokens for the Polygon, Avalanche and Cardano blockchains, CoinShares said.
In the news, CoinDesk’s Sam Reynolds reported that crypto futures and spot exchange BitMEX is planning to launch its exchange token, BMEX, by the end of the year, its CEO said at the Token2049 conference in Singapore.
Alex Mashinsky, founder and former CEO of Celsius Network, removed $10 million from the now bankrupt crypto lender weeks before Celsius halted customer withdrawals in June, the Financial Times reported, citing unnamed sources.
Range-Bound Bitcoin Reminds Crypto Twitter of 2018 Lull That Ended With 50% Crash
By Omkar Godbole
It’s the glass half-full, glass half-empty bitcoin market.
To bulls, factors like the absence of large sellers, persistent holding by long-term investors and the cryptocurrency’s resilience in the face of turmoil in traditional financial markets provide hope.
To bears, the current lull is reminiscent of September-October 2018, when the largest cryptocurrency held steady at close to $6,000 for weeks before slumping by almost 50%.
Over the weekend, pseudonymous analyst and swing trader il Capo Of Crypto explained to his 540,000 followers that much like the 2018 consolidation near $6,000, current trading at around $20,000 represents a temporary pause that will pave the way for another price sell-off.
Bitcoin Worth $1B Leave Centralized Exchanges
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