Risk-Off Mood Persists as Altcoins Extend Losses
The crypto market failed to make a meaningful recovery on Tuesday as it continued to languish in “extreme fear” territory following a sell-off on Monday that appears to have eroded investor confidence.
Bitcoin traded around $87,000, down from last week’s high of $92,350 as the broader market continued to exhibit weakness despite hopes that there would be a “Santa rally” in December.
The altcoin market wasn’t looking much better. Several tokens posted losses of more than 5% over the past 24 hours, led by privacy coins.
Bitcoin has now retraced almost the entire Nov. 21-28 rally, underperforming U.S. equities. The Nasdaq Composite Index rose 6.6% in the same period.
Derivatives positioning
- BTC, ETH, XRP, SOL continue to see an outflow of…
