A sea of red out there in crypto land so far today

Following on from an earlier update, noting that Ethereum (ETHUSD) was heading for another test or even drop below the $4000 level, that move has since unfolded. The drop below $4000 has coincided with a fall back below 48k in BTC. Earlier Bitcoin had been trying to hold above that price point, but it has recently made the move lower. In fact, looking across the entire major crypto sphere this morning, it is a sea of red across the board. If that is a risk based dynamic, then it is rather at odds with the rebound taking place in the European equity markets this morning. Of course, at the same time we do know just how quickly that scene can change again too, given the current elevated level of the VIX (Volatility index). The other thing to note in terms of the Crypto space is the overhang from the weekend meltdown. That seems very much front and centre right now and that is keeping the momentum southbound for the time being. Bitcoin is currently trading at 48,150