It was another bearish session for the broader crypto market, with bitcoin (BTC) falling for a third consecutive day.
The decoupling of bitcoin and the crypto market continued, with bitcoin facing an unprecedented ninth weekly loss.
Investors couldn’t shake off downside risks, including regulatory uncertainty stemming from the TerraUSD (UST) collapse.
There was no major news to shift investor sentiment from the ongoing threat of a crypto market regulatory overhaul.
The bearish mood came despite the NASDAQ 100 rounding off the week with a third consecutive rally to end the week up 6.84%.
Bitcoin (BTC) saw red for a third consecutive day, with a 2.03% loss leaving bitcoin at sub-$29,000.
Bitcoin Correlation with the NASDAQ 100 Weakens Further
At the end of the week, the NASDAQ 100 provided little bitcoin support, with the BTC-NASDAQ correlation weakening further.
While the global equity markets grapple with inflation, a hawkish Fed, and the threat of a US recession, the crypto market continues to face regulatory uncertainty.
Monday through Friday, bitcoin fell by 5.51% compared with a 6.84% gain for the NASDAQ 100.
While the bearish sentiment gripped the crypto market, the Fear & Greed Index rose from 12/100 to 13/100 this morning.
This week, the Index has hovered after recovering from a Monday 10/100. While holding steady, the Index remains deep within the “Extreme Fear” zone, reflecting investor fear of a crypto sell-off.
A move back through to 25/100 and into the “Fear” zone would support a run at $35,000. The Index was last in the “Fear” zone on May 5, when bitcoin hit a day high of $39,831.
Elon Musk and SpaceX Deliver a Dogecoin Breakout Session
Amidst the crypto market doom and gloom, Dogecoin (DOGE) enjoyed a breakout session.
Elon Musk’s Twitter account supported a buck trending session, and a test of resistance at $0.090 before easing back.
From trough to peak, DOGE surged by 18% on news that SpaceX will soon begin accepting DOGE for merchandise payments.
Another Crypto Reversal Leaves the Crypto Market Cap at $1,169bn
On Friday, the total crypto market cap fell by a further $50 billion to a day low of $1,147 billion before support kicked in.
Total liquidations continued to sound the alarm bells after hitting more than $500 million (24-hours) earlier this week.
Over the last 24-hours, total liquidations stood at $237.82 million, according to Coinglass.
Across the crypto top ten, SOL led the way down for a second consecutive day, falling by 5.30%.
DOGE bucked the broader crypto market trend, rising by 4.63%.
Away from the Crypto Moves,
Fed Vice Chair Brainard pushed for a US central bank digital currency on Capitol Hill.
This article was originally posted on FX Empire