What is moving the market
The overall market sentiment is slightly bearish, with an average sentiment score of -0.10. News surrounding regulation and economic pressures, such as inflation and interest rate hikes, are weighing on the mood. However, there are also pockets of optimism, with a Coinbase executive seeing a bottom for Bitcoin.
Biggest risk
The crypto market experienced a downturn, with a 2.18% drop to $2.62 trillion, largely influenced by hotter-than-expected US inflation data. This has fueled speculation about further Federal Reserve rate hikes, putting pressure on risk assets. The negative sentiment hint of -0.10 reflects this bearish trend, although some analysts, like Coinbase's CEO, are optimistic about Bitcoin's future trajectory, suggesting a potential bottom has been reached.
