BTC bulls were liquidated in last week’s drop to $20,800, meaning even more downside could occur if this level fails ahead of this week’s $1 billion options expiry.
The total crypto market capitalization dropped to the $1 trillion support, and weak stablecoin demand and a largely absent funding rate reflect traders’ negative sentiment.
This bear market is proving to be especially tough for Bitcoin miners, but Canaan senior vice president Edward Lu says the industry is “evolving toward a positive long term.”
The total crypto market capitalization is rising toward $1.25 trillion, but an assortment of metrics show retail and institutions are not ready to “ape.”
Stablecoins like USDT and USDC would be doing just fine if properly regulated, while Bitcoin is a “Ponzi scheme” in any case, China’s BSN chair told Cointelegraph.