Each week, the Coinme Private Client team sends a weekly email, highlighting the top industry news and stories. Included in that email is “This Week in Bitcoin”, your guide to the state of bitcoin.
Last week, the overall crypto digital asset market was mostly unchanged, as measured by both Bitcoin as a proxy, as well as numerous Crypto Indices. Bitcoin traded in a narrow range, and the rest of the market followed suit according to their individual betas. The direction and magnitude of the overall market are less important than the lack of correlation.
There was just one day this past week (Wednesday, October 16, 2019), where the whole market sold off together. This broad-based selling was driven more by market-makers, and those that are short pushing the market lower, rather than driven by long unwinds or real-money selling pressure. In our opinion, this is a healthy sign.
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