First Mover Americas: Once-Bouncing Bitcoin Now Just Rolls Like Ball
The CoinDesk Market Index slipped 0.7% over the past 24 hours. Bitcoin lost 1.5%, hovering just above the $19,000 mark, and ether fell 2.3%. Stock futures fell and bonds sold off. European shares declined for a fifth straight day.
Crypto funds saw outflows totalling $5 million last week, fueled by sizable redemption from “short” investment products, or those designed to profit from price declines, according to data from CoinShares.
Bitcoin witnessed a fourth consecutive week of inflows totaling $12 million, while short-bitcoin investment products saw outlaws totaling a record $15 million.
CoinDesk Market Index
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.
Chart of the Day
Bitcoin Bouncing Ball
By Omkar Godbole
- Bitcoin's price structure resembles the path of a dropped ball that bounced off the floor.
- The ball is losing energy with every bounce from price support (around $18K) and could soon fizzle into a flat forward roll.
- The longer the flat forward roll continues, the bigger the risk of gravity eventually taking a toll as it did in November 2018.