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Entire Crypto Market Cap Surges to $2.5T as 10K BTC Were Sold on OKEx

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  • The world’s crypto market capitalization is currently up by $2.5 trillion.
  • Over 10,000 BTC were sold on OKEx amid the crypto market cap surge.

The digital finance world is experiencing a mix of reactions these days. However, it is worth mentioning that as of today, the global crypto market cap index has seen an upward surge of $2.5 trillion. Since the start of this year, the crypto market has risen by 233%.

In fact, this monumental increase in the crypto market cap value is quite a welcoming gesture that every crypto advocate hopes to see. Adding more to this, the trading volume of BTC/USDT pairs has also increased drastically to over 10,000 BTC sold today on the OKEx exchange.

To note, one of the on-chain analytics firm’s Wu Blockchain gave the BTC/USDT announcement today. Specifically, Wu Blockchain cited the BTC/USDT trading volume statista directly from Trading View. 

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    Trading View

Also, it mentioned that they seem to be sensing another pending 14,000 BTC sell order still on the OKEx exchange. A few minutes after disclosing this, the latter then said the pending order got away by the buy order that was also in BTC/USDT.

In the same breath, Bitcoin Magazine has also tweeted that the $38 billion Grayscale Bitcoin trust will soon be converted into ETF. This milestone would be achieved as the proposals filed to approve Bitcoin’s Future Exchange-traded Fund (ETF) is yet to be accepted.

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Surprisingly, due to how Bitcoin is dominating today’s crypto news footage, this confirms the crypto community’s suggestions on how vital BTC is in the crypto market.

Surprisingly, due to how Bitcoin is dominating today’s crypto news footage, this confirms the crypto community’s suggestions on how vital BTC is in the crypto market.

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Crypto Market heading for a major correction in 2022 says top money managers

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  • Some of the top money managers and institutions surveyed believe cryptocurrencies are “top contenders” for correction in 2022.
  • But at the same time, some institutional players have also shown willingness to increase exposure to digital assets.

The crypto market has recently given investors the taste of massive volatility after a mega bull run earlier this year. Now some money managers believe that the crypto market is ripe for a massive sell-off in the coming year of 2022.

As per the survey done by Natixis Investment Managers, digital assets are currently the “top contender” for a “major correction” in 2022. Nearly, three quarters of the institutions polled noted that cryptocurrencies are not appropriate investment options for retail investors. The combined total of all the assets managed by the respondents stands at a total of $12.3 trillion.

CoreData Research conducted this survey on behalf of Natixis in October and November. It encompasses 500 institutional investors across various countries. This includes 20 sovereign wealth funds and more than 150 corporate pension plans.

However, in the Natixis survey, 40 percent of institutions also recognize digital assets as a legitimate investment option. But at the same time, they believe that the central bank will eventually need to regulate them.

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The broader crypto market has rallied tremendously this year in 2021 adding more than $1.5 trillion to the market cap. However, the crypto market has been largely volatile over the last two weeks with some of the top cryptocurrencies testing their key support levels.

Over the last two weeks, more than $500 billion worth of investors’ wealth has been eroded from the crypto space. Bitcoin (BTC) and other cryptocurrencies have corrected anywhere between 10-30 percent recently.

Institutions keen to increase exposure in crypto

The interesting thing is that institutional players have been moving in big numbers to the crypto space. Of the total institutions surveyed by Natixis, 28 percent have already invested in crypto. Also, a third of them said that they plan to increase their crypto exposure in the next year.

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This year in 2021, we have seen several traditional financial institutions start dabbling into cryptocurrencies. It includes some of the big fund managers as well as the pension funds. Besides, other big-fame investors popular in the investment circles have also dabbled into crypto. Many believe that cryptocurrencies like Bitcoin serve as a good inflation hedge in this stimulus-heavy environment.

Precisely, crypto could serve as a better inflation hedge but one should remember that the market has been largely following the movements in the global stock markets. The recent correction in crypto also aligned with the correction in global stocks.

In a word with CNBC, Goldman Sachs CEO David Solomon said that don’t expect the same returns in equities in the upcoming years. He added:

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We would expect that we’re not going to see the same rate of returns in equities and many other assets over the next few years that we’ve seen over the last couple of years. I’ve been involved with a number of investment committees and charitable foundations, college boards, etc., and certainly my mindset is the returns we’ve received over the last three to five years are different than what we should expect as we go forward.

Thus, there’s an equal possibility that the cryptocurrency market might move sideways for a very long period of time as we had seen in the period between 2018-2020.

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After the Dump: Crypto Markets Recover $300 Billion, Bitcoin Eyes $50K

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The crypto market cap is up by $300 billion since yesterday’s low as BTC targets $50,000 and ETH is up by 7.5% daily.

After yesterday’s massive crash, bitcoin bounced off and added nearly $8,000. Most altcoins are also well in the green now, with Ethereum reclaiming $4,200 and Terra surging to yet another all-time high.

Bitcoin’s Recovery Attempts

The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example of that. Bitcoin, for instance, traded around $58,000 after getting rejected at $59,000 a few days in a row when the landscape changed vigorously.

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The asset plummeted in the following hours to a daily low of $42,000 (on Bitstamp), prompting many industry experts and analytics to speculate on the possible reasons behind this $16,000 drop.

Nevertheless, bitcoin reacted somewhat positively after touching the $42,000 bottom. It bounced off to around $47,000 initially and another leg up hours later drove it to just shy of $50,000.

So far, BTC is unable to breach that level, but it’s still about 5% up on the day, and its market capitalization has risen well above $900 billion.

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BTCUSD. Source: TradingView

Altcoins in Green After the Bloodbath

The altcoins suffered even more than bitcoin yesterday. Ethereum went from nearly $4,700 to around $3,500. Now, though, the second-largest cryptocurrency trades around $4,200 after a 7.5% daily increase.

Binance Coin also fell hard, but a similar increase has driven it to above $570. Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) also see some daily gains.

Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). Consequently, LUNA even painted a new all-time high earlier at just under $80.

More daily increases are evident from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%), THORChain (15%), The Sandbox (12%), Helium (12%), and many more.

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As such, the cryptocurrency market capitalization has recovered over $300 billion since yesterday’s low of $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Selling Hits Crypto Market Again as New COVID Variant Spooks Traders

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Selling pressure once again hit the crypto market on Friday, after stock markets in Asia and US stock futures all pointed lower on fears over a new variant of the coronavirus that is spreading rapidly in South Africa.
(Updated at 12:12 UTC; updates in bold.)

At 10:28 UTC, bitcoin (BTC) was down by 6.5% over the past 24 hours, trading at a price of USD 54,735. At the same time, ethereum (ETH) was down by 6.4% to a price of USD 4,077.

By noon UTC time, the market had fallen further, with BTC now down 6.8% over the past 24 hours to USD 54,151, and ETH down 8.1% to USD 4,027. BTC was up slightly from its low for the day of USD 53,618, while ETH was still reaching new lows at the time of writing.

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Both cryptoassets fell today after seeing gains yesterday, with the sentiment then appearing to be turning positive after two weeks of mostly lower prices for bitcoin.

Following today’s sell-off, however, bitcoin is now trading below its low from Tuesday this week of USD 55,300, which at the time marked the lowest price since October 13. With today’s crash down to the USD 54,000-level, sentiment is once again turning negative among traders.

And as usual when selling pressure hits the market, leveraged traders who have bet on the wrong outcome get liquidated.

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Over the past 4 hours, the overall crypto derivatives market saw close to USD 440m of mostly long positions liquidated, with the majority, as usual, being on major crypto exchange Binance. For BTC alone, total crypto market liquidations stood at USD 116m, with USD 50m of that seen on Binance, data from Coinglass showed.

Despite this, many industry insiders remained optimistic about the prospects of the crypto market, with for instance Hunter Horsley, CEO of crypto asset manager Bitwise, telling Bloomberg today that the current move looks like it is driven by “flows and transitory sentiment.”

“When we look at the fundamental thesis and drivers of the space, they continue to look incredibly optimistic,” Horsley said.

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However, the sell-off did appear to lead some members of the community to realize that the path to USD 100,000 will not be a straight line higher.

“The Plan B idea of USD 98K is gone,” the popular crypto trader Michaël van de Poppe said on Twitter today, referring to the widely criticized stock-to-flow (S2F) model by PlanB, which famously predicts a bitcoin price of at least USD 98,000 by the end of the year.

“The realization of a lengthening cycle is there. We’re still fine, even if we drop some more. Just a longer cycle for Bitcoin,” the crypto trader added.

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Others, meanwhile, stressed that bitcoin is still a risk-on asset, and thus behaves more like the stock market than the traditional safe haven gold. 

This was also pointed out by Nik Bhatia, author of bitcoin book Layered Money, who wrote on Twitter today that “Bitcoin investors are desperate for it to behave like a risk-off asset, but the simple fact is that it doesn’t yet.”

He added: “When will it? I have no idea. Price is truth.”

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