GB Market Commentary 21/04/2022
by Marcus Sotiriou
Retail interest in the crypto market wains as Google searches for Bitcoin has plummeted to lows not seen in over a year. In addition, Crypto Fear and Greed Index is at 27, which is classified as ‘Fear’ levels and further indicates negative sentiment. Historically, low a significantly low interest from retail has created profitable buying opportunities.
Despite retail being fearful and uninterested, institutional adoption continues as the second-largest listed bank in Germany, Commerzbank, has now applied for a local crypto license. This would allow it to provide exchange and crypto asset services and become the first major bank in Germany to make this step.
According to recent data released by a jobs platform, London is a world leader in cryptocurrency. This platform revealed the number of employers currently seeking staff in the crypto industry, which showed the US as the highest number of vacancies at 3,893 with the UK as second with 954 vacancies - most of these roles are based in London. Canada came in at third with 386 current vacancies. After the UK recently displayed plans to become the global hub for crypto, this data is a promising sign. We are seeing a series of high-profile departures from traditional finance sector to the crypto space as crypto is transforming countless sectors with innovative products.