Cryptocurrency prices fell on Monday, a national holiday in the United States honoring civil rights activist Martin Luther King, and there is little sign that a reversal will happen anytime soon. Bitcoin, the largest cryptocurrency by market cap, has dipped below $42,000, though it is above that level at press time. At the time of writing, the Bitcoin price is changing hands at $42,242.
BTC/USD 4-hour chart | Source: TradingView
The price of bitcoin most other cryptocurrencies also fell amid more bad news for the global economy
The stock market was closed for the holiday, providing a respite from recent bad news that seems to be increasingly intertwined with crypto valuations. The Wall Road Journal reports that about 220 publicly traded U.S. companies with market capitalizations over $10 billion have fallen 20% from their peaks, and the S&P 500 and Nasdaq are down 2.2% and 4.2%, respectively. ,8%.
Meanwhile, a New York Times story highlights the inability of the US Centers for Disease Control and Prevention to update data on the Omicron variant of the coronavirus, which is taking a toll on the economy. Global.
BTC continues in the $41k to $44k range, staying surprisingly flat over the past week after a volatile start to 2022. On the other hand, many altcoins have given up much more substantial gains.
The source: Santiment
However, ten new Bitcoin whale addresses have resurfaced in the past three months containing 10k BTC or more. This is a 12.7% increase from the all-time low mega whale addresses recorded at the end of October.
The source: Santiment
Amid the weakness of bitcoin and other crypto assets between late 2021 and early 2022, there has been an unusually counterproductive performance by the DeFi sector. The past few weeks have seen a modest recovery in total locked value, a measure of the value of digital assets that have been collateralized for loans in a DeFi system.
Can Bitcoin continue to recover and pull selected altcoins higher? As the overall crypto market cap is $2,021 trillion and Bitcoin Dominance is 39.6%.
Sign up for a Binance account here (10% off trading fees): https://accounts.binance.com/en/register? ref = 28703923