Bitcoin has updated the highs for the last month.
The "extreme fear" in the crypto market has been going on for 72 days. According to Grayscale's calculations, the crypto winter may end by the end of March 2023.
Bitcoin rose 2.9% on Monday, ending the day at about $21,500. BTC tested the maximum marks for the month above $22,700, but by the end of the day it had lost more than half of the daily growth against the background of a decline in US stock indices.
The fear and greed index has been in the range of extremely negative sentiment for a record 72 consecutive days. For the first time in history, the crypto market has been dominated by such negative sentiments for so long.
Crypto-winter may be completed by the end of March 2023, provided the market cycle repeats, Grayscale suggested. According to their calculations, the bearish phase of bitcoin began on June 13 and may last 250 days. The trigger for the transition to a bearish phase is a drop in the realized price below the market. We are talking about the MVRV indicator.
Speculators who took out huge loans are behind the fall of the crypto market, according to a June report by Coinbase. At the same time, long-term holders of bitcoin almost did not sell BTC.
According to Arcane Research, in June, public mining companies sold a total of about a quarter of their bitcoin reserves to cover current expenses.
Former Blackrock top manager Edward Dowd stated that over time, the first cryptocurrency is able to surpass gold due to its unique characteristics, such as ease of transactions, transparency and decentralization.
Senator Elizabeth Warren called for stricter regulation of cryptocurrencies in the United States to protect consumers and financial stability.
Specialists of rehabilitation centers report the emergence of a new type of addiction. Along with alcoholism, drug addiction, workaholism and gambling addiction, doctors are increasingly faced with appeals from people dependent on cryptocurrency transactions.