Market tumbled after news broke about China’s reiteration of their crypto ban, but it has since stabilized around recent level.
- Market Tumbles On China FUD
- How The Top Three (Bitcoin, Ethereum, Cardano) Are Faring
- Fear and Greed Index
Crypto Market Down On China FUD
After recovering strongly from a rough start to the week, the crypto market fell again on news that China was continuing to do the thing they said they would already do. The global market fell as low as 1.8 trillion, after reaching 2 trillion on Thursday.
However, the overall market rebounded quite quickly after the massive dip. After falling to 1.8 trillion around 3am EST, the market was back up to 1.9 by 6am this morning.
The overall market is still not up to Thursday’s level. But, it is in line with what we saw on Monday — during peak Evergrande FUD — when the global market cap also totalled 1.9 trillion.
How The Top Three Coins Are Faring
Bitcoin fell as low $40,900 USD, but has since rebounded back to the 42k range. Overall, the world’s biggest cryptocurrency is only down less than 4%.
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Cardano (Ticker symbol: ADA) has fared a bit better. After falling as low as $2.07, Cardano jumped back up as high as $2.27. That’s almost a 10% gain from its 4am EST low. However, ADA has fallen since. It’s currently trading in the low $2.20 range. Cardano’s strength comes as the smart contract protocol prepares for this weekend’s summit.
AGENDA OUT NOW: Join us this weekend for #CardanoSummit2021 – with announcements, keynote presentations, panels and presentations from across the #Cardano ecosystem. Starts 15:00 UTC. Register today.https://t.co/5yv9AeB6wd pic.twitter.com/rHbAnv66pj
— Input Output (@InputOutputHK) September 23, 2021
Meanwhile, Ethereum has fared the worst of the top 3 cryptocurrencies. Ethereum fell as low as 2,750, and is now trading in the 2,850 range. Overall, it’s down 7% the last 24 hours, and 16% for the week.
Crypto Fear And Greed Index Flashing Fear
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Interestingly enough, fear is up significantly despite similar market levels. I pointed out earlier this week that the Fear and Greed Index was flashing neutral, despite the Monday dip. Following a similar dip today, the metre is definitely not neutral, sitting at 33.
Overall, market sentiment is down significantly after hovering in the 79 range on September 7th. Warren Buffet famously said, be “fearful when others are greedy, and greedy when others are fearful.” Note: linking to this does not constitute financial advice.
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