Bitcoin Price Action
Key takeaways from the recent Weekly Overview by Glassnode on crypto markets:
- BTC remains “pretty solid” in terms of its price compared to traditional assets amid turmoil in global markets.
- Still, flat within the range of $18.000 - 20.000
- Some macro metrics are starting to indicate the beginning of a bottom formation, however, the process can take several months until BTC is finally bottomed.
The Middle East & North Africa’s Crypto Markets Grow More Than Any Other Region in 2022
Digital asset investment products saw outflows totaling $5m last week
💡 During the week: Bitcoin focused crypto products = inflow = +$11M Ethereum oriented crypto products = minor churn = -$2.2M increased outflows from "short BTC" funds = -$14.7M
NFT sales plunge in Q3, down by 60% from Q2
The NFT sector is going through challenging times. In 2021, a popular Youtuber Logan Paul spent $2.645M on NFT, with the Azuki being the most expensive.
Trading volumes for non-fungible assets plummeted 97% from a record high in January. Now his investments are worth $10.
Bitcoin-Gold correlation hits the highest level in over a year
A correlation with the main “safe harbor” asset is a good sign, as it indicated that more people find Bitcoin a good investment during this turbulence across the globe.