zkSync, Notcoin, Bitgert prices dive as fear and greed skids

June 20, 2024 02:05 PM AEST | By Invezz

zkSync, Notcoin, Bitgert prices dive as fear and greed skids — Image source: Invezz

zkSync, Notcoin, and Bitgert are crashing

Notcoin, the popular Telegram tap-to-earn coin, was trading at $0.015, down by almost 30% from its highest point this month. Bitgert’s BRISE has crashed to $0.0000013 and is hovering near its lowest point since November last year.

Other altcoins like JasmyCoin, Athena, Lido DAO, and Solana were also deeply in the red on Thursday. This decline is mostly because investors are getting a bit fearful after Bitcoin formed a double-top pattern at $72,000 last week. The crypto fear and greed index has crashed to 52.

In most cases, a double-top pattern is one of the most bearish signs in the market, which explains why the coin has dived to about $65,000 today. Most altcoins usually track the price of Bitcoin.

These tokens have also crashed because the crypto industry lacks a clear catalyst going forward. The SEC has already approved spot Bitcoin ETFs while the Bitcoin halving has already happened. It most recently showed that it will give a go ahead of the Ethereum ETFs.

Bitcoin ETFs have done well this year, with their total assets jumping to over $60 billion. Recently, however, the assets have been in outflows, possibly as investors rotate to the thriving US equities.

Fed has turned hawkish

Meanwhile, from the macro side, the Federal Reserve has insisted that it will not be in a hurry to slash interest rates. In its monetary policy decision, the bank left interest rates unchanged and hinted that it will be patient because of the elevated inflation.

At the same time, there are signs that interest in the cryptocurrency industry has waned in the past few months. As shown below, data by CoinMarketCap shows that the daily volume of coins traded in exchanges has crashed after peaking in March. Open interest in the futures market is not increasing as well.

Meanwhile, Tether, the most popular stablecoin in the industry is no longer growing. Its market cap has remained at $122 billion in the past few weeks. Looking at Tether flows is important because it is used in most crypto transactions.

The post zkSync, Notcoin, Bitgert prices dive as fear and greed skids appeared first on Invezz

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.