A sharp spike in stock markets has bogged down in indecision over the past few days, keeping investors in the crypto market from buying as well. The total crypto market cap declined 1.6% to the $956 million mark and the Fear & Greed Index dropped 3 points to 23 - the “extreme fear” zone.
Bitcoin has lost 1.9% over the past 24 hours, trading just below $20K at the time of writing. However, the Non-Farm Payrolls (NFP) announcement today could trigger a volatile episode for BTC that could resolve its range tightening and establish a directional bias. At the same time, the altcoin scene is also relatively calm, with XRP pushing towards $0.5 and being the best performer of the top alternative coins by means of total market capitalization.
Institutional interest in the digital assets sector remains strong despite concerns of a crypto winter, according to Wall Street giant Morgan Stanley (MS). There are more than 180 active crypto exchange-traded-funds (ETFs), exchange-traded-products (ETPs) and trusts. Half of these products have launched since the “bitcoin bear market,” Morgan Stanley said in a research report on Thursday.