Are Whales Feeding On Investors’ ‘Extreme Fear?’ By Benzinga

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© Reuters. Bitcoin, Ethereum, Dogecoin Have Still Not Found A Bottom: Are Whales Feeding On Investors’ ‘Extreme Fear?’

and other major coins were trading in the red on Sunday evening as the global cryptocurrency market cap decreased 3% to $1.6 trillion.

Price Performance Of Major Coins

Coin
24-hour
7-day
Price
Bitcoin (CRYPTO: BTC) -3.6% -11.9% $34,104.31
(CRYPTO: ETH) -4.3% -11.25% $2,519.60
(CRYPTO: DOGE) -2.65% -6.55% $0.12
Top 24-Hour Gainers (Data via CoinMarketCap)

Cryptocurrency
24-Hour % Change (+/-)
Price
ICON (ICX) +8.2% $0.66
(AXS) +7.3% $30.74
NEAR Protocol (NEAR) +7.7% ​​$11.16

See Also: Best Crypto Debit Cards

Why It Matters: Bitcoin and Ethereum continued to post declines alongside spurts in 24-hour trading volumes. BTC and ETH 24-hour trading volumes rose 51% and 55% respectively to $36.84 billion and $20.82 billion.

U.S. stock futures also traded in the red at press time, with the S&P 500 and Nasdaq futures down 1.1% and 1%, respectively.

Cryptocurrency trader Michaël van de Poppe noted the lack of movement in Bitcoin price with the volume “going crazy” during the weekend. He ascribed the heightened volume to a “whales game.”

The downwards movement of Bitcoin all the way to the $33,900 level is what Santiment likes to see in terms of capitulation. The market intelligence platform said that trader sentiment has fallen to six-week lows.

“Weak hands leaving the space is generally what is needed for a truly notable bounce,” tweeted Santiment.

Investor sentiment meanwhile has also taken a beating. Alternative.me’s “Crypto Fear & Greed” index flashed “Extreme Fear” at press time. Last week, the index indicated “Fear.”

Read Next: Bitcoin Bloodbath Getting Worse: Crypto Experts Say Mid-$20,000 Range May Be Next

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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