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A Bear Market of ‘Historic Proportions’

CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary
Cryptocurrency prices dropped slightly over the week, with Bitcoin ($BTC) dropping from around $20,000 to an $18,500 low before recovering. It’s currently trading at $19,800 after moving up over 4% in the last 24-hour period.
The stock market’s benchmark index, the S&P 500, is up 1.39% over its last few trading days, although it’s worth noting the market was closed over the weekend and is closed today as it’s the July 4th holiday in the U.S.
Gold, on other hand, moved up 0.02% over the last few days. The precious metal moved up 0.27% year-to-date meaning it has significantly outperformed the S&P 500, which lost around 20% of its value so far, and BTC, which is down over 58% year-to-date.
Cryptocurrency prices moving down have been the total assets under management across cryptocurrency investment products plunge to a record low.

CryptoCompare
Since May 2022, the total AUM across all #digitalasset investment products has fallen 36.8% to
$21.6bn (as of the 23rd of June).

Read our latest Digital Asset Management Review to see how #AUM declined for each digital asset investment product type:
https://t.co/01gnKa2KIC https://t.co/ugfWGSrL4S
Cryptoassets Undergoing a Bear Market of ‘Historic Proportions’,
Analysts have noted that Bitcoin and other cryptocurrencies are currently undergoing a bear market of “historical proportions” that has seen the digital asset space endure the “largest capital outflow event in history.”
The ongoing cryptocurrency bear market may be the worst one on record, as Glassnode analysis has found that after the crypto space’s total market capitalization dropped below the $1 trillion mark, Bitcoin’s price dropped below the 200-day simple moving average.
The indicator is “commonly used” to mark whether BTC is undergoing a bull or bear market, as prices remaining above its 200-day moving average show the cryptocurrency is undergoing a bull market, while prices below that moving average show it is in a bear market. The indicator is also used in Glassnode’s Mayer Multiple (MM), which analysis BTC’s price in a historical context.
“For the first time in history, the 2021-22 cycle has recorded a lower MM value (0.487) than the previous cycle’s low (0.511). Only 84 out of 4160 trading days (2%) have recorded a closing MM value below 0.5.”
The bear market has seen BTC post its worst quarterly performance in more than a decade, as in the second quarter of this year it lost around 58% of its value, going from $45,524 to just under $19,000 at the end of the three-month period.
$XRP Ledger Sees Network Activity Explode
Activity on the $XRP Ledger has reached its highest value in over two years after the number of unique addresses interacting with the network exceeded 200,000 for the first time since February 2020.
The increase in the number of active addresses on the network represents a 685% rise compared to the previous day, when less than 30,000 addresses interacted with the XRP Ledger.
Santiment
😮 $XRP is holding up better than most #altcoins on a Thursday #crypto slide day. A couple days ago, the #XRPNetwork exploded with unique addresses interacting on the network, exceeding 200k for the first time since February, 2020. This is worth watching. https://t.co/WNqWhyZjh3 https://t.co/c3nA7YyDn3
After that explosion in activity, the number of unique active addresses on the network slowly moved down but has seen sudden activity bursts where over 50,000 active addresses move to interact with the network.
Institutional Investors Bet on $ETH, $ADA
Over the past week, institutional investors in the cryptocurrency space shifted their bets away from Bitcoin and moved into Ethereum ($ETH) and Cardano ($ADA), which along with a product shorting BTC saw positive inflows.
These inflows came during a week in which digital asset investment products saw outflows totaling $423 million, the largest since records began “by a wide margin.” The data shows Ethereum investment products saw nearly $11 million in inflows, marking their first positive flows after 11 consecutive weeks of outflows.
Similarly, Cardano investment products saw inflows of $800,000, bringing their total month-to-date inflows to $1.9 million. $TRX and $DOT investment products saw minimal inflows as well, while $SOL products saw $100,000 in outflows.
El Salvador Gleefully Buys 80 More Bitcoins
The president of El Salvador, which is the first country in the world to give Bitcoin legal tender status, disclosed his country’s latest BTC purchase on June 30.
Nayib Bukele
El Salvador bought today 80 #BTC at $19,000 each!

#Bitcoin is the future!

Thank you for selling cheap 😉 https://t.co/ZHwr0Ln1Ze
On social media, El Salvador’s president Nayib Bukele revealed the country bought 80 more bitcoins after thanking those with weak hands which allowed the price of BTC to drop to $19,000.
What Else Is Going On?
Cryptocurrency investor sentiment is remaining low as its Fear & Greed index, which serves as an aggregate for investor confidence and attitude towards the market, rose from 12 last week to 14, remaining in a state of “extreme fear.” The index has risen from 6 when BTC dropped below $18,000.
The index, it’s worth noting, is based on emotional behavior in the market. When fear sets in, some investors may see a buying opportunity, while greed may be a sign the market is due for a correction.
Total value locked in the decentralized finance (DeFi) space has meanwhile plunged to $74.7 billion, according to data from DeFiLlama. MakerDAO, the entity behind the DAI stablecoin, makes up 10.33% of the TVL with little over $7.72 billion on its protocol.
Other Top Stories
Ripple Co-Founder Jed McCaleb’s $XRP Account Expected to Be Empty in a Month | Cryptoglobe
Shiba Inu ($SHIB), Dogecoin ($DOGE), and Others Removed From Crypto.com's Earn Program | Cryptoglobe
Bitcoin ($BTC) Whales Keep Accumulating 'Aggressively', Data Shows | Cryptoglobe
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CryptoGlobe Weekly Summary
CryptoGlobe Weekly Summary @CryptoGlobeInfo

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