Market Overview

The crypto market’s market capitalisation has fallen by 1% over the past 24 hours, returning to levels last seen in mid-July. The positive momentum the market showed in the first half of last week failed to take hold. Once again, we are seeing a negative correlation with the Nasdaq 100 index, this time in the form of falling cryptocurrencies while shares rise. Could this be becoming the new norm?

Bitcoin is dragging the entire market down to last week’s lows after falling below $63K. A brief and tentative rebound on Sunday proved to be a failed attempt to return above the 50-day moving average. Such a plunge clearly highlights the difficulties faced by the bulls in their attempt to convince the wider market of a…