The cryptocurrency market fell late last week. Its market capitalization fell 3% in seven days to $2.21 trillion.
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👉The crypto market fell late last week. Its capitalization fell 3% in seven days to $2.21 trillion. However, it is worth noting that positive sentiment has returned since Thursday, when buyers found Bitcoin attractive at $60,000. The crypto fear and greed index is right in the middle, having risen out of the fear zone.
👉Last week, bitcoin bounced off the crossover area between its 50-day moving average and the round $60,000 level. The cryptocurrency’s 1.5% gain since early Monday to $63.5,000 has brought the price back to test the 200-day moving average. A consolidation above that would act as a bullish signal, suggesting the correction is over and buyers are taking over.
👉Ethereum is in a weaker position, approaching $2,500 from below its 50-day moving average. Last week, the second-largest cryptocurrency found support at its 200-week moving average, as it has done many times since mid-2012. That's a good sign of accumulation for long-term buyers, but it's sure to disappoint short- and medium-term speculators.
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👉Ethereum inflation rose to a two-year high of 0.74% per year, raising questions about the cryptocurrency's deflationary outlook and its hard money status. This is the conclusion Binance came to. The shift of network activity to L2 has led to a decrease in the number of transactions on the basis and a decrease in the burn rate.
👉According to SoSoValue, outflows from spot bitcoin ETFs in the United States last week totaled $301.5 million after three weeks of inflows. Cumulative inflows since BTC ETFs were approved in January have dropped to $18.50 billion. Ethereum ETFs saw net outflows of $30.7 million last week and have increased to $553.7 million since the product was approved.
