The cryptocurrency market has been under the grips of bears as the global financial ecosystem has become increasingly risky and uncertain amidst Russia’s invasion of Ukraine. However, the silver lining is that the volatility and bearishness of the crypto market do not jeopardize the numerous investment opportunities that exist in it.

Highlights of the week

Here are some of the major developments that took place during the running week:

• Bitcoin showed a long-awaited bullish momentum during the week as it increased by 23%; however, the daily price has again fallen by 2% – currently standing at $43,209. Ethereum shows a similar gain during the week and subsequent loss during the day with a price level of $2,888
• The United States Treasury Secretary Janet Yellen stated that the country is actively monitoring cryptocurrencies to ensure Russia does not use the crypto market to bypass sanctions
• The US Securities and Exchange Commission has now targeted the NFT segment over initial coin offerings. According to reports, the SEC has sent subpoenas for its investigation
• The US Federal Reserve Chairman Jerome Powell has called for crypto regulations amidst the Ukraine crisis
• Ukraine has added Dogecoin to its list of supported cryptocurrencies for donations
• Solana marketplace Snowcrash has onboarded Sony Music and Universal Music Group for an upcoming NFT drop featuring Bob Dylan and Miles Davis
• Nelson Mandela’s paintings during prison are to be turned into NFTs

Crypto fear & greed index

The crypto fear & greed index is one of the go-to indicators of the cryptocurrency market. It essentially combines various social and sentimental rankings into a single number which serves as a guiding light for investors. The fear & greed index has been majorly indicating bearishness during the past month as the market was suffering. Every time, the sentiment neared a trend reversal, the momentum failed and it delved back into strong bearishness.

Currently, the fear & greed index stands at a value of 39 which shows fear in the market. Yesterday the index moved towards a neutral sentiment; however, following its historical monthly movements the index’s value started declining again. The crypto market is expected to, once again, face strong bearish momentum as the index is expected to move towards extreme fear in the coming days.

The capitalization of the global cryptocurrency market is also declining which further cements the upcoming bearish momentum for the market. The market cap declined by 2% during the daily window – currently standing at $1.91 trillion.