Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.Crypto traders are still in risk-off mode after experiencing almost nine consecutive weeks of negative returns.
The cryptocurrency is still down by 40% so far this year, compared with a 13% drop in the S&P 500 and a 22% dip in the Nasdaq 100 over the same period. So far, it has been a tough year for all speculative assets.newsletter explaining what happens in crypto markets – and why.There’s been massive short selling over the last few weeks, which may presage a short squeeze in the weeks ahead.
The short-term rise in stocks could be a tailwind for crypto, assuming the high correlation between both assets remains intact. In contrast, perhaps the decline in cryptos signals limited upside in stocks as risk-off sentiment prevails.
I want to believe that in June the situation will be very different. I'm spending my last usdt reserves to buy right now
It will deep more
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