Total crypto market cap takes another hit, but traders remain neutral

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Negative newsflow and statements from the Federal Reserve negatively impacted the total crypto market capitalization. noshitcoins explains the primary reasons why the crypto market is correcting.

, which traded down 15.1%. Consequently, the bearish sentiment significantly impacted altcoins, with 14 of the top 80 coins dropping 12% or more in the period.The Open Network gained 30% after Telegram launched bidding for anonymous phone numbers sold for TON tokens.

Perpetual contracts, also known as inverse swaps, have an embedded rate usually charged every eight hours. Exchanges use this fee to avoid exchange risk imbalances. A 0.70 put-to-call ratio indicates that put options open interest lag the more bullish calls by 30% and this is bullish. In contrast, a 1.40 indicator favors put options by 40%, which can be deemed bearish.Even though Bitcoin's price failed to break the $18,000 resistance on Dec. 14, there was no excessive demand for downside protection using options. More precisely, the indicator has been below 1.00, so slightly optimistic, since Dec. 12.

Ultimately, bulls should not expect the $825 billion market capitalization to hold, which does not necessarily mean an immediate retest of the $790 billion support.

 

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