Bitcoin is Bleeding to $9,000 as Global Markets Take a Beating: The Weekly Crypto Market Update

The last seven days weren’t so fruitful for Bitcoin. After trading in a relatively narrow range for a while before that, the BTC price gradually increased to about $9,700 on Wednesday. On the same day, however, the price tumbled during the same day and started declining.

Immediately after that, Bitcoin retraced to about $9,000 before finding support and bouncing off to where it currently trades at around $9,200. The thing to consider about the movements is that they coincided with respective decreases on Wall Street.

In other words, Bitcoin continues to be seriously correlated with the legacy market, which, according to many experts, is not necessarily a good thing.

Speaking of stocks, major indices didn’t really have a good week either. The S&P 500 lost about 130 basis points, which represents a decrease of about 4.5%. The other major indexes, Nasdaq 100 and the Dow Jones Industrial Average (DJI) are marking similar declines.

The altcoin market remained relatively flat in the past seven days as most of the large-cap cryptocurrencies mark slight losses of up to 1.5%, while some are even ahead. In general, Bitcoin’s dominance decreased by a mere 0.4%.

This week continued to see some serious developments in the field of decentralized finance (DeFi). Balancer released its governance token, BAL, which saw a massive surge of about 200% immediately after hitting the public market. The same is true for the DMM governance token, DMG, which increased by about 140% despite the controversies surrounding its token sale.

In any case, it remains interesting to see whether or not Bitcoin will finally make a decisive move in the following week and if DeFi projects will continue to boom.

Market Data

Market Cap: $261B | 24H Vol: $72B | BTC Dominance: 64.4%

BTC: $9,188.65 (-1.20%) | ETH: $231,04(-1.43%) | XRP: $0.183 (+0.20%)

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