Welcome to out weekly crypto review, where you get the good, the bad and the ugly news and developments in the crypto space for the last week. In today’s column, we look at how the market dumped $18 billion in three days; the market’s however managed to recover from these and much more. Read on to get these juicy stories.
Crypto market suffers $18 billion loss in three days
According to coinmarketcap.com, the entire crypto market lost $18 billion over the course of three days from Wednesday. Bitcoin was down 5%, and other cryptocurrencies such as XRP and Ether dropped 12% and 18% respectively. These plunges followed reports that Bitfinex was going to suspend all deposits from fiat currencies.
The plunge ends following the recovery of cryptocurrency values
Nonetheless, following the dramatic plunge witnessed during the week, the market appears to have stabilized, and even began to see slight recovery in its value. The recovery saw coins like Ethereum and gain 3% on the day to trade at $200. Additionally, Bitcoin which had hit a monthly low of $6,180 saw a small recovery on Friday morning, which has since seen the coin’s value stabilize at around $6,282.
Additionally, the latest market Sentiment Index Report from Huobi Research, indicated that the overall market sentiment is looking up. Just recently, research by the same firm revealed a slight uptick in investor optimism over the previous month. Released on Friday, the data was compiled between Sept. 25 to Sept. 30 from over 500 retail and institutional investors in 23 countries.
The overall market sentiment clocked in at 71.1 points out of a maximum of 100, representing a 2.17% increase over august. That index bump was bolstered by a 5.87% increase in investors’ medium-term crypto market outlook.
Based on today’s weekly crypto review, do you see a bull run in the near future?
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