Bitcoin () and ether () both started the day trading down on Tuesday, with traditional markets still in the lurch.
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.
Altcoins took a larger hit, with Ethereum Classic () down 8.5%, NEAR protocol down by 8% and XRP
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
- 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.