Crypto: Sell-the-growth continues
Market overview
The crypto market capitalisation grew by 1% over the past day and is down 1% from a week ago. Bitcoin received a boost from reports of a criminal investigation against the head of the Federal Reserve, which created momentum for a flight from US assets. In our view, this precedent is negative for risk appetite.
Bitcoin jumped to $92,500 but saw a significant influx of sellers, returning to $90,300 at the time of writing. Testing of the 50-day moving average as support continues. A slip below $90K could have a strong psychological effect, quickly taking the price to $87K and then sending it lower below $80K.
XRP is losing for the seventh day in a row, like Bitcoin, rolling back to the 50-day MA and close to the round level…
