() has stopped its decline and is attempting to recover along with selected altcoins. Some traders feared a Bitcoin sell-off, but Capriole CEO Charles Edwards said Bitcoin’s worst declines occurred “because of miner capitulation (December 2018 and March 2020), when BTC fell below production costs”. However, the current production cost of Bitcoin was $34,000, which is well below the current price.
In a sign that institutional investors remain bullish on the crypto sector even after the recent crash, Cathie Wood’s Ark Invest bought 6.93 million shares of the special buyout acquisition company set to merge with Circle, the main operator of (USDC) and the second largest stablecoin in terms of market capitalization.
Daily view of cryptocurrency market data. Source: Coin360 Another sign that crypto markets are maturing is the fact that non-fungible tokens (NFTs) have not responded negatively to falling crypto prices. A recent report by DappRadar said that NFT trading in the first ten days of 2022 generated $11.90 billion compared to $10.7 billion in the third quarter of 2021.
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