The crypto market started gaining during the weekly timeframe; however, the bullish momentum could not be sustained as the market lost more than 4% of its value during the past twenty-four hours. Nonetheless, the market’s beauty lies in the opportunities that exist despite bearishness. Read on to find out how you can still maximize your gains.
Highlights of the week
Here are some of the top developments of the week:
- Bitcoin has suffered a loss of 9% during the week with the current price standing at $39,208 while Ethereum experienced a similar loss with a price level of $2,598. The crypto rally was headed by Terra and some privacy coins
- Amidst bearishness, the transaction fee on Ethereum has hit a 6-month low – indicating a steep decline in network activity
- Ukrainian Deputy Minister of Digital Transformation has regarded crypto to have played a crucial role in Ukraine’s fight against Russia
- The European Union has clarified that crypto is not immune from sanctions placed against Russia and Belarus are
- The United States Senator Elizabeth Warren has been reported to be working on a draft bill that will allow the monitoring of transactions to private crypto wallets
- US president Joe Biden has enacted the Executive Order on Digital Assets which is believed to make the regulatory framework clearer
Crypto fear & greed index
First off, before investing in the crypto market it is important to have a clear understanding of the general sentiment of the market. The crypto fear and greed index is one of the most efficient channels to gauge market sentiment. The index combines various analytics to churn out a single number that ranged between zero and a hundred.
The current value of the crypto fear and greed index is 28 which indicates fear in the market. There had been extreme fear in the market over the past few days but the current indication of fear shows the sentiment may be turning bullish. This can be a good opportunity to enter into the market in the short term.