Forex – Equity Weakness Dampens Crypto Investment Appetite
Market Picture
The cryptocurrency market rolled back 1.8% in 24 hours to $2.17 trillion due to a reduction in risk appetite among investors, sparking a sell-off in bonds and equities. That said, as the less risky of the cryptocurrencies, bitcoin has been gaining ground relative to the overall market during similar periods, now holding 56.9% of the capitalisation of all currencies – its highest since April 2021. That share is largely taken away from Ethereum, which now weighs in at 13.5% of the entire market, which was also last seen three and a half years ago.
Technically, bitcoin sold off to consolidate above its 200-day moving average, a demonstration of bearish strength. But we’re still inclined to see this as more of a short-term…
