Bitcoin price bullish momentum seems to have petered out as the price has fallen below $17,000 again. Looks like bulls’ optimism wavered after the price hit one-month high last week. Bears are in control currently as price is testing the support. They will gain full control if the breach is not reversed!
Global crypto market has not overcome yet the liquidity crisis doldrums after FTX collapse. As traders speculate what change will undergo policy makers stance at Federal Reserve’s meeting this Wednesday, more major players reduce their exposure to crypto assets while Bitcoin’s market share remains stagnant and Coinbase asked exchange users to switch USDT for USDC.
Signature Bank of New York plans to shrink its deposits tied to cryptocurrencies by $8 to $10 billion, according to CEO Joe DePaolo. Signature Bank had been considered one of the most crypto-friendly banks on Wall Street as nearly a quarter of the New York-based bank’s $103 billion in total deposits, or roughly 23.5%, came from the crypto industry as of September 2022.
Bitcoin’s share of total crypto market capitalization has held steady at around 40% against the background of recent downturn in the broader crypto market. Analysts note that in the past investors have tended to move money into Bitcoin when they felt less confident about the overall market condition. Bitcoin's stagnant share is understandable as the dominant crypto asset has not outperformed the downside in recent months, so investors no longer view it as a safe haven.
Coinbase encourages exchange users to switch USDT for USDC as it is waiving the conversion fees for users who wish to switch to a "trusted stablecoin" in a new campaign that highlights the quality of reserves that back Circle-owned USD coin USDC. Three months ago Binance, the world's largest cryptocurrency exchange by volume, announced it was stopping its support for larger rival USDC.
