Bitcoin (BTC) lingered near $16,500 in the November. 23 Wall Street open as U . s . States markets anticipated Thanksgiving cues.
Grayscale, GBTC still dominate crypto mood
The happy couple left analysts guessing yesterday U.S. markets closed for that Christmas, with crypto commentators still centered on Digital Currency Group (DCG).
Potential liquidity issues with DCG-owned Genesis Buying and selling ongoing to agitate individuals already expecting further losses across Bitcoin and altcoins.
As Cointelegraph reported, concerns had already spread to doubt the way forward for the Grayscale Bitcoin Trust (GBTC), the biggest Bitcoin institutional investment vehicle with assets under management worth over $10 billion.
On November. 22, ex-Grayscale Chief executive officer Craig Silbert released instructions to DCG shareholders, broadly shared on social networking, trying to shore up morale.
“Not sure how you can interpret the mixed reports around DGC, GENESIS, Grayscale, but Craig Silbert’s letter yesterday gave the crypto market some hopium,” analytics resource Material Indicators authored partly of the Twitter thread at the time.
It added that bulletins on GBTC could nevertheless come after hrs inside a potential volatility catalyst.
An associated chart of purchase and sell pressure around the largest global exchange Binance demonstrated strong resistance in position just below $17,000.
Around the buy side, only $15,000 presented any solid support during the time of writing, using the bulk at $14,000.
“Never have experienced sentiment this bad”
Commenting around the general condition from the crypto market following the FTX debacle, meanwhile, popular commentator William Clemente stated that sentiment shouldn’t be wrongly identified as Bitcoin’s underlying strength.
“Never have experienced sentiment this bad,” he acknowledged.
“Concerns about every centralized company in the market, people quitting, losing hope, depression. Meanwhile the basic principles of Bitcoin are totally unchanged. Writing this to revisit when BTC is pushing to new highs inside a couple of years.”
Based on classic yardstick the Crypto Fear & Avarice Index, there is nevertheless room to fall, having a score of twenty-twoOr100 still greater than double what typically comes with bear market bottoms.
“The word dead continues to be quickly circulating around crypto platforms in November,” research firm Santiment added in insights of their own on November. 22.
“As one of the most bearish sentiment words, this can be a manifestation of traders abandoning markets rebounding. Ironically, this capitulation is in the past when markets rebound.”
The views, ideas and opinions expressed listed here are the authors’ alone and don’t always reflect or represent the views and opinions of Cointelegraph.