During the Asian session on Dec. 21, Bitcoin price predictions remain bearish below €17,000 as investors await US consumer confidence data. Similarly, Ethereum traded higher to € 1220, but the bulls seem exhausted, holding ETH below the €1222 resistance.
Global crypto market capitalization gained 1,50% to $811 billion the day before, as major cryptocurrencies traded in the green early on Dec. 880. The overall volume of the crypto market in the last 21 hours increased by 24% to $9,38 billion.
Total DeFi volume is currently at $1710 billion, representing 4,74% of the total 24-hour volume in the crypto market. Total volume across all stablecoins is now $33.200 billion, representing 92,08% of the total 24-hour volume of the crypto market.
Bitcoin Retail Ownership in 2022 Grows Despite Crypto Contagion
Despite the collapse of some well-known companies, retail investors accumulated more Bitcoin this year. Long-term Bitcoin holders also control a record proportion of the currency. When it comes to crypto, things are not always bleak. Despite a 75% price drop, Bitcoin's on-chain metrics remain strong.
On-chain data from Glassnode shows that the percentage of BTC held by retail merchants has hit an all-time high of 17%. Retail investors are people who have less than ten bitcoins in their wallet, according to the company.
Additionally, the data shows a dramatic increase in the number of retail business owners over the past month. Will Clemente, co-founder of Reflexivity Research, made the following observation on December 20:
"It's still not perfect, but it's solid for an active 12-year-old and is definitely headed in the right direction."
Whenever the media starts spreading Fear, Uncertainty, and Doubt (FUD), retail investors are often the first to sell (Fear, Uncertainty, and Doubt). As was the case in 2018 after the crackdown on ICOs (Initial Coin Offerings), this happened in 2022.
CB Consumer Confidence Highlights
The consumer confidence index will be released on Wednesday, half an hour after the start of the market. Like the event last month, this could have a significant impact on the market, especially as the holiday season is traditionally characterized by increased spending.
There is a risk of a recession if this turns out to be as low as expected. This could be a very important report before the holidays, given rising interest rates, the potential for changes in employment numbers, and slowing wage growth.
bitcoin price
The current price of Bitcoin is €16,810 and the 24-hour trading volume is €19 billion. The BTC/USD pair has gained almost 0,15% in the last 24 hours, while CoinMarketCap currently holds the top spot with a live market capitalization of €323 billion.