Cryptocurrencies have crept into the new year, licking their wounds after the carnage of 2022. The overall global crypto market cap has risen 5 per cent to $871 billion since Jan. 1, but it's still down over 57 per cent from this time last year.
"It will be a year for the patient, as we do not anticipate prices nearing former all-time highs in 2023," said Vetle Lunde, senior analyst at Arcane Research. While lower trading volumes are common around the turn of the year, the crypto market apathy has been exacerbated by a"general exodus" of active retail investors, according to Arcane Research."I feel encouraged by the floor we've seen forming under bitcoin, it shows there's a lot of demand around $16,000 and $17,000 levels," said Callie Cox, investment analyst at investment platform eToro.Graphic: Calm on crypto front https://www.reuters.
Additionally, funding rates for perpetual bitcoin futures have been positive since Dec. 19, according to Coinglass data, meaning traders are betting on prices to rise and will pay to keep their long positions open.On the other hand, cryptocurrencies remain at the mercy of macroeconomic headwinds as worries whirl around a slowing global economy.
“Carnage”, “bloodbath” and “subdued”. Laying a negative impression without adding the full context that Bitcoin is in the bear phase of a four year cycle in its 13 year life. Do better
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