Bitcoin still showing signs of bearishness in the short term per these two indicators 3BTC Cryptocrash Cryptocurrencies
—which measures investor sentiment—plunged to 9/100, which marks"extreme fear." The last time it went this low was August 2019. Sentiment remains shaken after the collapse of algorithmic stablecoin TerraUST, along with its sister token Luna.
Also, the recent Celsius debacle and that of Three Arrows Capital weighed heavily on the market. The current bear market, often referred to as the new"crypto winter," is also testing the strength of other projects. The Tron-based algorithmic stablecoin USDD also lost its dollar peg earlier this week.Bitcoin has been closely correlated with stock indexes, in particular the Nasdaq, which rose on Wednesday after the U.S. Federal Reserve hiked interest rates by 0.75 percentage points.
Fed Chair Jerome Powell hinted at another rate hike in July but cautioned that the 75-basis-point increase is an unusually high one and does not expect moves of such magnitude to be regular. At the time of publication, Bitcoin and several altcoins were recording slight losses, save for a few cryptocurrencies such as XRP, FTX and Monero, which were up 1.31%, 1.41% and 4.87%, respectively.
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