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Total crypto market cap falls to $840 billion, but derivatives data shows traders are neutral

Published 12/08/2022, 02:51 PM
Updated 12/08/2022, 04:40 PM
© Reuters.

The total cryptocurrency market capitalization dropped 1.5% in the past seven days to rest at $840 billion. The slightly negative movement did not break the ascending channel initiated on Nov. 12, although the overall sentiment remains bearish and year-to-date losses amount to 64%.

Total crypto market cap in USD, 12-hour. Source: TradingView

Bitcoin (BTC) price dropped 0.8% on the week, stabilizing near the $16,800 level at 10:00 UTC on Dec. 8 — even though it eventually broke above $17,200 later on the day. Discussions related to regulating crypto markets pressured markets and the FTX exchange collapse limited traders' appetites, causing lawmakers to turn their attention to the potential impact on financial institutions and the retail investors' lack of protection.

Weekly winners and losers among the top 80 coins. Source: Nomics
Perpetual futures accumulated 7-day funding rate on Dec. 8. Source: Coinglass
BTC options volume put-to-call ratio. Source: laevitas.ch

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