Though fundamentals play a large part in determining the price of an asset, short-term movements of the markets are driven by sentiment. This was clearly visible during the week.
A few events soured sentiment early in the week, which dragged the total market capitalization of the crypto space down to $202 billion. When the markets are in a corrective phase, traders can become bearish even on events that do not have a material impact on the short-term.
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