If you think the bearishness is only in crypto, have a look at traditional markets.
While the previous session had a clear, risk-on tilt, yesterday traded with a clear, risk-off feel. With developments on the Covid delta variant front and the fear of a more real impact on the economy, equity indexes in the US, Europe and Asia pulled back from elevated levels. Historically speaking, we’re still at very good levels, but, on the session, it felt a bit like a cold shower.
We’re in a clear risk-on market. Investors are happy to buy equities and sell bonds.
With disappointing new job numbers in the US (250,000 actual instead of the predicted 750,000 increase), investors turned fearful of the impact of the delta covid variant and sold risk assets.