Good morning. Here’s what’s happening:

Bitcoin prices: Bitcoin slogs under $30K while LINK soars. Other major cryptos spent their day in the negative territory.

Insights Bitcoin’s Fear and Greed Index shows a market which has been stagnant for six weeks.

Markets remain sluggish but not LINK

Crypto investors were in a trance on Thursday as a result of a tumbling tech industry and soaring dollar.

Bitcoin, the biggest cryptocurrency in terms of market capitalization, traded at $29 809, a slight drop from the previous 24 hours. BTC was perilously close to a month-low set earlier in the week, near $29500, at one point. Bitcoin has not been able to break out of the $30,000-$31,000 range for more than five weeks, despite multiple spot bitcoin ETFs filings.

Anthony Georgiades wrote to CoinDesk in an email that there was a lot on Crypto Twitter of a bearish nature about the pullback. However, I believe it is due to underlying factors.

Georgiades said that the dollar strengthening and the tech selloff, which was partly sparked by Elon Musk’s comments that Tesla might be forced to lower its prices, had affected “bitcoin” and the “broader crypto market.”

Ether, which is the second-largest crypto by market cap, traded at $1,892 on Thursday, up just a little bit from Wednesday. The majority of other major cryptos, measured by their market capital, spent Thursday in the red. XRP, for example, lost some of its gains the day before, trading below 80 cents – recently down more than 4% – and ADA, tokens from smart contract platforms Cardano, and SOL, were also down.

LINK was the only exception, as it is the native currency for the Chainlink platform which connects external data to blockchains. The price of the token recently increased by over 20%, trading above $8. This was a reaction to Chainlink’s interoperability protocol.

Read more: Chainlink’s interoperability protocol, connecting blockchains to “bank chains,” goes live

The CoinDesk Market Index a measure for crypto markets performance, was recently down by 0.1%.

Equity markets were mixed. The Dow Jones Industrial Average continued its recent winning streak, but the Nasdaq plunged more than 2% due to the Tesla news and Netflix’s soft earnings. Mark Connors of Canadian digital asset manager 3iQ also pointed out that Taiwan Semiconductor missed its results, which “put an extra hit on AI stock.” The dollar index continued its downward trend.

Georgiades, from Pastel Network, was still cautiously optimistic about the crypto markets. “The sentiment is the same as yesterday and in previous days,” wrote Georgiades. Permabears are calling for a big selloff but this seems unlikely.

He said: “Monetary Conditions are likely to ease here soon and this will serve as a catalyst of risk-on asset.”

The Biggest Gainers

Biggest Losers

Fear and Greed Turn Neutral

The Bitcoin Fear and Greed Index is now in neutral territory. This indicates that investor sentiment has recently cooled.

The metric measures investor sentiment by combining five factors into a single number between 0 and 100. Readings near 0 are indicative of extreme fear. While readings near 100 indicate extreme greed.

Investors are often too cautious, which can lead to extreme fear. A market in overheating can be accompanied by extreme greed.

Recent readings indicate a market in flux with neither bulls nor bears taking a strong position in either direction.

The readings add to the evidence that BTC will trade within a range in the near future.


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James Rubin is the editor.