Demand for Crypto, Despite the Storm

Over the previous week, Bitcoin lost 0.8% and ended close to $19,300. There were no noticeable price increases at the beginning of the new week. The exchange rate is still tied to the current price, with the exception of significant market movements on Thursday and Friday. To $1310, Ethereum was down 0.9%. The price of the top 10 other cryptocurrencies decreased from 1.8% (BNB) to 12.5%. (Cardano).

According to CoinMarketCap, the total market value of cryptocurrencies fell 2% over the course of the week to $925 billion. The Bitcoin Dread & Greed Index is still in a condition of "severe fear," having dropped to 20 on Monday from 22 the previous week and 24 the day before.

Despite the unfavorable external environment, BTC has made a successful effort to retain its September lows in the face of stock market sentiment that is far more concerning. We consider it unworkable to think of cryptocurrencies as safe-haven investments and interpret the stability in the prices of the main cryptocurrencies as a sign of strong internal demand for risk.

News context

Despite its very volatile pricing, DBS Bank of Singapore described Bitcoin as a useful instrument for transaction clearing. The BTC market is open around-the-clock, allowing investors to get funds and liquidity as required.

The cryptocurrency wallet MetaMask will provide a new feature that will let consumers in the United States to purchase cryptocurrencies straight from their bank accounts.

China has proposed a pan-Asian digital currency to lessen the region's economy' reliance on the dollar.

The commercial company shares that Tether utilized to support USDT Stablecoin have been totally deleted.

In the meanwhile, artificial intelligence-based fair market value estimation for non-transferable tokens (NFT) was presented by digital asset management firm CoinShares.