The crypto market was trading mixed on Wednesday morning, with Bitcoin trading in the red. The price of Bitcoin broke above $57,000 on Monday but pulled back on Tuesday. Analysts said the extreme buying could mean the rally is running out of steam.
On Wednesday morning, the coin was trading marginally above $56,000, down over 1 percent in the last 24 hours. It has risen nearly 10 percent in the last seven days. Experts also pointed out Bitcoin Fear and Green Index is at the highest level since early September, in the 'extreme greed' category. Ether, the second-largest crypto, was up nearly 1 percent at $3,511 and Cardano rose over 1 percent to $2.14.
Binance Coin surged over 12 percent in the last 24 hours. A similar trend was observed in Solana and Polkadot, with both rising over 5 percent. Dogecoin was trading a percent higher at $0.22 on Wednesday morning. Shiba Inu has surged over 60 percent this week, is down over 2 percent.
As per data from coinmarketcap.com, the crypto market's total market cap on Wednesday declined marginally to $2.31 trillion. Meanwhile, Bitcoin’s dominance in the market declined half a percent to 45.83 percent.
Bitcoiners have accused the video-sharing platform YouTube of censorship after Anthony Pompilano's account was taken down and reinstated hours later. Pompilano shared an email that suggested his content was harmful and dangerous, CoinMarketCap reported.
A report by International Monetary Fund (IMF) said crypto nation (the use of digital currency by a country) carries "significant risks and is an inadvisable shortcut" for countries trying to boost their economies. It said a crypto nation, like El Salvador's, could hamper central banks' efforts to set a monetary policy.
Cryptocurrency products and funds attracted $226.2 million in investments last week, marking their eighth straight week of inflows, a report from digital asset manager CoinShares showed on Tuesday. Over an eight-week run, total crypto product inflows hit $638 million, with a year-to-date total of $6.3 billion. Bitcoin, as expected, led the way, nabbing $225 million, for a fourth straight week of inflows, according to data in the week ended Oct. 8.
As South Korea prepares to announce a 20 percent tax on gains made by crypto trading, the opposition wants to change the policy. The opposition wants to push back the taxation and levy the taxes when they come around to 50 million won instead of 2.5 million won.
Jamie Dimon, the CEO of JPMorgan Chase, said again the popular cryptocurrency Bitcoin is worthless, but his clients disagree with his stance. "I personally think Bitcoin is worthless, but I don't want to be a spokesman for it -- I don't care. It makes no difference to me ... Our clients are adults, they disagree, that's what makes markets." Source.