First Mover Americas: Once-Bouncing Bitcoin Now Just Rolls Like Ball

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Bitcoin (BTC) and ether (ETH) both started the day trading down on Tuesday, with traditional markets still in the lurch.

The CoinDesk Market Index slipped 0.7% over the past 24 hours. Bitcoin lost 1.5%, hovering just above the $19,000 mark, and ether fell 2.3%. Stock futures fell and bonds sold off. European shares declined for a fifth straight day.

Altcoins took a larger hit, with Ethereum Classic (ETC) down 8.5%, NEAR protocol down by 8% and XRP by 6%.

Crypto funds saw outflows totalling $5 million last week, fueled by sizable redemption from “short” investment products, or those designed to profit from price declines, according to data from CoinShares.

Bitcoin witnessed a fourth consecutive week of inflows totaling $12 million, while short-bitcoin investment products saw outlaws totaling a record $15 million.

Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.

Bitcoin Bouncing Ball

By Omkar Godbole