Earlier today Bitcoin (BTC) fell under $58,000 after multiple days of muted market action, before recovering
According to CoinMarketCap data, Bitcoin is trading at $58,200 as of press time. Earlier on Aug. 16 Bitcoin has tumbled from more than $59,800 to $56,600 within hours — showing a price decrease of 5.35%.
According to CoinMarketCap’s market cap data for the whole cryptocurrency market went from $2.11 trillion down to $2.05 as of press time. This translates to $60 million leaving the market as the crypto market cap fell by nearly 2.85%.
A spooked market
As of press time, the crypto fear and greed index stands at 27 — a number indicating that most market participants are in a state of fear. Fear usually suggests that the crypto market is undervalued, but it is far from a guarantee of immediate market performance.
While other recent crypto market sell-offs coincided with negative events in the traditional markets, this time is different. When Bitcoin fell below $50,000 on Aug. 5 it came amid a sharp sell-off event in the Japanese stock market following a rate hike there by the local central bank.
This time around, traditional markets are mostly in the green, with the S&P 500 trading at 5,553.14 and being 0.17% up today; the Dow Jones Industrial Average trading at 40,634.92, up 0.18%. In Asia, the Nikkei 225 is trading at 38,062.67 after reporting 3.64% of gains today.
While the “digital gold” is not faring well on the short term, its shiny metal equivalent just hit $2,500 per ounce for the first time ever. Farside Investors data shows that on Aug. 15 the Bitcoin spot exchange-traded fund (ETF) market saw a net inflow of $11.1 million.
In more bearish Bitcoin derivative news, the New York Stock Exchange and Nasdaq both withdrew their three requests for permission to list Bitcoin spot ETF-based options. On Aug. 13, NYSE Arca withdrew another requested rule change intended to chart a path toward listing crypto ETF options.
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