zkSync, Notcoin, Bitgert prices dive as fear and greed skids

It was a sea of red in the altcoin industry on Thursday as the crypto fear and greed index slipped to the neutral point. zkSync (ZK) token was trading at $0.2175, down by over 32% from its highest point this week.

zkSync, Notcoin, and Bitgert are crashing

Notcoin, the popular Telegram tap-to-earn coin, was trading at $0.015, down by almost 30% from its highest point this month. Bitgert’s BRISE has crashed to $0.0000013 and is hovering near its lowest point since November last year.

Other altcoins like JasmyCoin, Athena, Lido DAO, and Solana were also deeply in the red on Thursday. This decline is mostly because investors are getting a bit fearful after Bitcoin formed a double-top pattern at $72,000 last week. The crypto fear and greed index has crashed to 52.

In most cases, a double-top pattern is one of the most bearish signs in the market, which explains why the coin has dived to about $65,000 today. Most altcoins usually track the price of Bitcoin.

These tokens have also crashed because the crypto industry lacks a clear catalyst going forward. The SEC has already approved spot Bitcoin ETFs while the Bitcoin halving has already happened. It most recently showed that it will give a go ahead of the Ethereum ETFs.

Bitcoin ETFs have done well this year, with their total assets jumping to over $60 billion. Recently, however, the assets have been in outflows, possibly as investors rotate to the thriving US equities.

Fed has turned hawkish

Meanwhile, from the macro side, the Federal Reserve has insisted that it will not be in a hurry to slash interest rates. In its monetary policy decision, the bank left interest rates unchanged and hinted that it will be patient because of the elevated inflation. 

At the same time, there are signs that interest in the cryptocurrency industry has waned in the past few months. As shown below, data by CoinMarketCap shows that the daily volume of coins traded in exchanges has crashed after peaking in March. Open interest in the futures market is not increasing as well.

Meanwhile, Tether, the most popular stablecoin in the industry is no longer growing. Its market cap has remained at $122 billion in the past few weeks. Looking at Tether flows is important because it is used in most crypto transactions.

The post zkSync, Notcoin, Bitgert prices dive as fear and greed skids appeared first on Invezz