Derivatives Metrics Show Bears in a Comfortable Place Amid Crypto Market Turmoil
05/21 20:40
The total market capitalization of cryptocurrencies has been under pressure due to a bearish market structure for the past six weeks, with the descending wedge formation indicating that an eventual break to the upside would require extra effort from the bulls. The impending U.S. debt ceiling standoff is also a concern, even though most investors believe that the Biden administration will strike a deal before the effective default of its debt. Stablecoins such as USDC and DAI, which have short-term bonds and collateralized loans, are seen as a safe haven.
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