This Week in Crypto: Dovish Fed Sparks Rebound

This Week in Crypto: Dovish Fed Sparks Rebound

Sentiment among Bitcoin traders remains dampened as the number of coins flowing out of exchanges reached the fastest pace recorded in 2022, and miners continued offloading their reserves amid the ongoing crypto winter. Moreover, news of a dormant whale wallet containing 10,000 BTC believed to be from failed exchange BTC-e being back on the move and transferring 3,500 coins reignited concerns among investors. The Bitcoin Fear & Greed Index underscores the market’s anxiety as sentiment hovers in the extreme fear territory. 

With the FIFA World Cup in full swing, Chiliz (CHZ), the native token of the Socios fan engagement platform, has plunged from recent highs in tandem with other fan tokens issued to represent different soccer clubs. Although fan tokens remain popular, CHZ has fallen -21.20% over the last seven sessions, retreating from multi-month highs reached just weeks earlier. In particular, Argentina’s fan token crashed after an unexpected loss in the nation’s opening game against Saudi Arabia.

Dash (DASH), a fork of Litecoin, has come under significant pressure recently, especially after reports revealed that the European Union was considering banning the use of privacy coins like Dash, Monero, and others within its borders.