THE GREAT CRYPTO SELL-OFF
The coming week would be accompanied by bearish trend in the crypto-community. The Crypto is under intense selling pressure amid the recent sell-offs in the crypto-verse, as the fast-ever-changing Crypto market lost over $200 billion in value within a few hours.
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The flagship crypto was down by more than 5,000 dollars pulling back below $60,000.
The crypto market has shed much of its stellar gains earlier recorded, as significant selling pressure from crypto investors pushed the value of cryptos lower across the market spectrum amid profit-taking. The global crypto market value was thus put at $2.03 trillion, a 10.42% plunge from its previous position.
Other Crypto assets like XRP, Bitcoin Cash EOS, lost as much as 20% within a twinkle of the eyes. Market pundits argue that a likely factor for such intense drop was the relatively high funding rates for taking long positions on Bitcoin alongside a strong dark cloud built around the $64,000-$65,000 price level.
Adding credence to such bias is Cantering Clark, a popular crypto strategist, who added that recent data points to the market cooling off arbitrarily. “50k and 80k strikes highest contract/notional for $BTC I think these writers will be happy and I am still in the same opinion that the end of April – May begins the shift that makes Bitcoin a less favourable long. No breakout, just range and rotation.”
Crypto pundits are of the opinion that a market correction has long been overdue after the sudden bullish move. The bearish trend prevailing at the bitcoin market is largely attributed to a significant amount of profit-taking in play, on the account that Bitcoin’s realized profits are at record highs and is anticipated to linger in the coming week.
BEARS DOMINATE THE NSE BANKING INDEX
The NSE Banking Index traded bearish at the end of the Friday’s trading session. 6 banks posted Gains and 4 Losses were recorded. The NSE Banking Index finished red with a loss of -0.52% adding to the -0.97% held in the previous trading session. The index dropped to 343.03 index points at the close of trading activities today.
Sterling Bank posted a substantial loss of -9.76% adding to the -0.61% held at the previous trading session pushing the price downwards from N1.70 to N1.49 and leading the top losers in the NSE Banking index.
Zenith Bank also saw another loss of -1.38% adding to the -0.91% held in the previous session pushing the price from N22.00 to N21.80. Jaiz Bank lost some profit from the +6.67% held in the previous trading session by posting a loss of -1.56% settling the price at N0.63.
Fidelity Bank broke the stalemate held at the previous trading session to post a loss of -2.83% settling the price at N2.39 from N2.47. Union Bank posted profits of +2.20% to settle the price at N4.65. UBA also made gains of +2.21% pushing the price downwards to N6.95 from N6.80.
Wema Bank recovered from the decline in the previous session to post gains of (+1.79%) pushing the price to N0.58 from N0.55. GT Bank also posted a profit of +1.39% moving price from 28.75 to N29.15. Access Bank made a decisive move from its stalemate position with gains of +0.66% settling the price at N7.60. Ecobank made profits of (+1.04%) settling the price at N4.90.
Outlook for the coming week look promising as Market sentiment trends towards recovery as 6 companies in the NSE Banking Index made gains as opposed to 4 losses at the end of Friday’s trading session.
GRADUAL RECOVERY IN THE NIGERIAN STOCK EXCHANGE
