Bitcoin closed last week with a new formal
decline, losing $100 to $16490.
At the start of trading on Monday, it loses
another $360 to $16150.
The week starts with a subdued risk appetite on global
markets due to China unrest. Ethereum is performing better, adding 3.3% over the week to $1170.
Other leading altcoins in the top 10 are changing from -2.5% (Polkadot) to
22.2% (Dogecoin).
Total crypto market capitalisation,
according to CoinMarketCap, was up 2% for the week, to $817bn.
The
cryptocurrency Fear & Greed Index rose to 28 by Monday, moving into
“fear” versus “extreme fear” at 21 a week earlier.
Bitcoin has updated two-year lows below
$15,500 in the past week on news of the possible bankruptcy of cryptocurrency
lending service Genesis Global Capital.
Bitcoin is under pressure from
institutionalists whose risk appetite is firmly tied to stock markets. Bitcoin
continues to look for a bottom from which it can push back, but the negative
external backdrop is not yet conducive to buying.
News background
According to Barron’s, Genesis Global
Capital has been the subject of an investigation by US regulators over the
suspension of withdrawals and the company’s liquidity crisis.
It is unclear
whether US federal regulators are involved, but at the very least, Alabama
state supervisory agencies are investigating.
The DeFi-project Ardana team from the
Cardano blockchain ecosystem has said it has suspended its development due to
“uncertainty over funding and the timing of the project”.
Bloomberg, a news agency, reports that Cryptocurrency
lender Matrixport is seeking funding for $100 million.
And while the company
says the moves have nothing to do with a lack of liquidity, investors are
little reassured.
Analysis of Bitcoin transactions helped
British police arrest over 100 people in the biggest anti-fraud operation in UK
history, led by Scotland Yard.
The iSpoof website was taken down, and phone
fraud suspects were caught.
This article was written by FxPro’s Senior Market Analyst Alex
Kuptsikevich.