Crypto market sheds $200B in tandem with global equity tumble

21 Sep 2021

SGT 0810
📉 BTC | $42,521 (-4,644, -9.9%)
📉 ETH | $2,930 (390, -11.7%)
📉 XRP | $90 (-0.14, -13.7%)
📉 LTC | $155 (-18, -10.6%)

📉 Total Crypto Market Cap: $1.88T (-10.5%)

🎢 Crypto sentiment has fallen off the proverbial cliff together with equities worldwide, as fears over Evergrande’s current woes weigh on the market. Bitcoin has shown remarkably strong correlation with movements in the S&P500 this year, and the latest selloff comes as the S&P500 has just broken convincingly below the 50-Day SMA that has acted as a bull market support since February.

🤔 Crypto investment funds have continued to see inflows – with the past week surprisingly seeing Solana (Ethereum competitor) break into the top three assets by inflows. Sentiment however remains largely negative, with Bitcoin having seen more outflows than inflows over the last four months.

🔎 An intriguing analysis run by Bloomberg on OpenSea’s dataset shows that sales volumes continue to drop, with around three-quarters of NFTs bought in the last 90 days failing to see another transaction. Only around 8% of NFTs see at least 3 sales within the same period of time.

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