Cryptocurrency markets have been under pressure over the last week albeit extensive support from market activities and bullish price bets. The total cryptocurrency market capitalization continues to trade in the range of $400 billion as market trends aren’t supporting bulls stance.
Traders aren’t giving weight to Goldman Sachs move into the cryptocurrency market along with increasing adaptation from Wall Street. Intercontinental Exchange (ICE) ICE recently announced it will launch cryptocurrency trading while NASDAQ has also been showing their interest in the cryptocurrency sphere.
Bitcoin currently trades around $8,400 after hitting the $8,200 level during Saturdays trading. Altcoins posted higher losses than Bitcoin during the latest bear run.
Source Image: coinmarketcap.com
Though the Consensus Summit hasn’t yet created any optimism in trader’s sentiments, some analysts are expecting Bitcoin price to cross over the $10k mark this week.
“Already one of the largest crypto conferences in the world, attendance this year is up dramatically and coming at a time when Bitcoin/Crypto is down YTD. Hence, we expect the Consensus rally to be even larger than past years,” Tom Lee says.
Trends are Showing Bearish Prospects
Investors interest in cryptocurrency markets have been declining at a significant pace since the start of this year. Google search trend is among the biggest indicator that analysts use to gauge the industry trend.
Source Image: trends.google.com
Google search indicators show that traders craze for Bitcoin and other digital currencies stand at the lowest level in the last seven months. This clearly means that general public has lost their confidence in cryptocurrency markets, amid government bans, criminal activities and the enforcement of antimony laundering laws in cryptocurrency trading.
Nvidia CEO believes that crypto boom is cooling and the graphics chip maker has sharply reduced its revenue outlook from cryptocurrency markets. He said, “Looking into Q2, we expect crypto-specific revenue to be about one-third of its Q1 level.”
Featured Image: Depositphotos/© Melpomene
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