Jakarta, Pintu News – The global crypto market showed weakness again with the total market capitalization dropping to $3.23 trillion, a decrease of 0.94%. This signaled a slow and volatile trend among major coins.
The Fear and Greed Index is at 18, indicating extreme fear, while the crypto average RSI is near 41, indicating that many coins are still trending towards oversold.
Bitcoin (BTC) which is currently at $95,381 and Ethereum (ETH) which is trading at $3,154 are both struggling to gain strong momentum. This has also impacted other major assets showing only minor daily movements and no clear signs of recovery.
These weak market conditions reflect widespread negative sentiment among investors and traders. Altcoins Under Pressure Altcoins such as Ripple (XRP) which is at $2.21, Binance Coin (BNB) which is trading at $933, and Solana (SOL) which is close to $139, all show no significant upward movement.
The gains made last week are slowly disappearing, suggesting that there is more weakness across the market. This adds pressure on investors who are looking for signs of price stabilization.
Tom Lee, Chairman of BitMine, revealed that the recent crypto market weakness may be attributed to one or more large market makers facing serious gaps in their balance sheets. According to him, the current price drop looks like a situation where big players are trying to trigger liquidation and deliberately push the price of Bitcoin (BTC) lower.
Recovery Strategies and Predictions Lee added that these pressures often occur when large trading companies experience problems, which can create sharp price movements that appear worse than they are.
Nonetheless, he emphasized that this is a short-term pain and does not change the long-term growth plans for Ethereum (ETH) and blockchain adoption by Wall Street. He also warns that this is not a safe time to use leverage, given that the risk of forced liquidation is very high.
Although market sentiment is currently very negative, Lee expects stability and recovery to return within six to eight weeks, possibly after Thanksgiving. This prediction provides some hope for investors who may currently feel pessimistic about the market. This stability is expected to bring back investor confidence and encourage more positive price movements in the future.
In the face of current crypto market volatility, it is important for investors to understand the dynamics affecting prices and be prepared for possible further fluctuations. Insights from experts like Tom Lee can help in understanding the factors at play as well as the right strategies to deal with the current market.
Tom Lee, Chairman of BitMine, stated that the current crypto market weakness may be due to one or more major market makers experiencing serious gaps in their balance sheets.
Currently, Bitcoin (BTC) is trading at $95,381 and Ethereum (ETH) at $3,154.
Tom Lee predicts that stability and recovery in the crypto market is possible within six to eight weeks, possibly after Thanksgiving.
Tom Lee advises that this is not a safe time to use leverage, given that the risk of forced liquidation is very high at the moment.
The Fear and Greed Index is at 18, which indicates extreme fear, and the crypto average RSI is near 41, indicating that many coins are still trending towards oversold.
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This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.
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