The United States equities markets made a strong recovery this week but Bitcoin (BTC) failed to follow suit. This means that cryptocurrency investors stayed away and could be worried by the ongoing problems at Silvergate bank.
These fears could be what is behind the total crypto market capitalization dropping to nearly $1 trillion.The behavior analytics platform Santiment said in a report on March 5 that there was a “huge spike of bearish sentiment” according to their bullish versus bearish word comparison Social Trends chart.
However, the firm added that th “kind of overwhelmingly bearish sentiment can lead to a nice bounce to silence the critics.”Another short-term positive for the crypto markets is the weakness in the U.S.
dollar index (DXY), which fell by 0.70 in the past 7 days. This suggests that crypto markets may attempt a recovery over the next few days.Read more on cointelegraph.com