- The market swings were unfavourable for Ether.
- Bitcoin’s market is now in a tight battle between bulls and bears.
A record $142 million outflow from digital asset funds between December 11-17 has led to a shift in market sentiment. Since the cryptocurrency market’s momentum has been flat lately, investors’ faith in the sector has dwindled. The withdrawal of cryptocurrencies for the first time in 17 weeks is notable. A total of $97 million was withheld from the account earlier in June 2021.
Furthermore, several major cryptocurrencies, including Cardano, Ripple, Dogecoin, Shiba Inu, and Polygon, had big rises before the festival. On the other hand, the market’s swings were unfavorable for Ether. The second-most valuable cryptocurrency is now trading at $4,230. The price of Ether fell by 0.47 percent to $4,000. Most other coins were on the upswing, except for Tether (USDC) and USD Coin (BTCSV).
Transaction Volume of BTC Lowest in 3 Months
It’s worth remembering that the last time Bitcoin’s transaction value was this low was only a week before it hit its all-time high of $61,000. Bitcoin’s market is now in a battle between bulls and bears as it tries to break over the $50,000 mark. This is notable since transaction volume has fallen to its lowest level in three months.
According to the most recent market statistics, long-term holders seem to be holding and accumulating Bitcoin, while miners appear to be accumulating. In the wake of escalating Omicron instances and growing inflation, bitcoin slid from a peak of $69,000 last month to a low of $46,000, according to the study. A total of $89 million was taken out of crypto accounts during the week ending December 17.
