Most fear since SVB collapse — 5 things to know in Bitcoin this week
Bitcoin traders are truly "spooked" and sentiment crashes harder than BTC price as the shake-up from last week's losses continues. Bitcoin (BTC) starts a new week with traders licking their wounds after a 10% snap crash. BTC price action is struggling to recover from a manic end to the days prior to the weekend, and the fear is palpable going into what could turn out to be an equally volatile few days. With $26,000 so far forming the focus for the markets, theories are brewing over where Bitcoin might head next. Multiple factors are set to converge to provide some influence — United States macro data prints are firing up again, while the Federal Reserve will deliver key commentary on the economy at the annual Jackson Hole Economic Symposium. Within Bitcoin, meanwhile, short-term holders now face increasing unrealized losses, and on-chain transactions in loss are setting multi-year highs. Sentiment is back on the floor, but is the fear really justified? Cointelegraph take...