Bitcoin profit and loss rate has dropped to an all-time low
Market sentiment turned risk-averse, the dollar and the Treasury holding on to Tuesday's gains after banks sounded alarms over a bleak economic outlook in the US.
Equity benchmarks in Asian markets diverge after declines in US markets. The Yuan fluctuated as investors considered the relaxation of COVID restrictions amid disappointing trade data. While major cryptocurrencies await the next direction, cryptocurrencies have remained largely unchanged. As the assessment is prepared, Bitcoin is hovering near $17,000 after reporting a marginal loss in the past 24 hours.
Bitcoin profit and loss rate has dropped to an all-time low
The largest cryptocurrency by market cap has been range-bound for the past few weeks due to low liquidity and sluggish trading activity. Outside of the largest centralized exchange, daily volume in Bitcoin spot trading is 65% below the annual average, with levels approaching the 7-day average last seen in October 2020. Realized profit and loss ratio dropped to an all-time low.
Similarly, Ethereum is testing $1,250 with minimal transactions over the same period. Mid-to-large-volume altcoins have largely turned red, with APT leading the downside correction, down 6.6% in a similar time frame. Warner Music Group continues its introduction to Web3 by collaborating with LGND Music, a new music and collections platform built on Polygon. LGND Music, which will be released in the coming months, is an online marketplace that will offer songs as NFT. Fans can purchase these collectibles and listen to the musicians on the platform along with other digital collectibles. This is part of WMG's ongoing effort to break into the Metaverse, as the major music company has formed a number of Web3 partnerships with leading projects and marketplaces in the space this year alone.
