Major coins were trading flat on Wednesday night as the crypto market cap fell 1.50% to $1.08 trillion over the past 24 hours.
| cryptocurrency | Profits (+/-) | Price |
|---|---|---|
| Bitcoin | -1.53% | $22,977 |
| ether | -1.87% | $1,654 |
| Dogecoins | -2.17% | $0.090 |
What happened: Bitcoin BTC/USDthe largest cryptocurrency by market value, traded below $23,000. ether ETH/USD changed hands at $1,654, down 1.87% in the last 24 hours. Dogecoins DOGE/USD was down 2.17% in the past 24 hours to $0.092.
US stocks fell on Wednesday as comments from the US Federal Reserve that interest rates would need to rise to fight inflation led investors to become wary. The S&P 500 Index closed up 1.1% and the Nasdaq Composite Index lost 1.7%.
See more: Best Crypto Day Trading Strategies
Rumors surfaced that the Securities and Exchange Commission would “get rid of” retail cryptocurrency staking in the United States. Coinbase Global Inc COIN CEO Brian Armstrong expressed concernwho said he believed it would be a “terrible path for the US if allowed to do so.”
Analyst Notes: “Bitcoin’s strong start to the year seems to be over for now. After hitting a key technical resistance just above the $24,000 level, Bitcoin is entering a mode of consolidation until we see the next big move in bond yields. Bond market volatility will be insane after Valentine’s Day inflation report, which could mean Bitcoin could drift towards $20,000 if stocks come under pressure in the next few sessions,” he said Edward MoyaSenior Analyst at OANDA, in a note from Benzinga.
Crypto Analyst Michael van de Poppe has identified a key resistance level for bitcoin that has been rejected. According to the analysts, “we’re likely to retest the range low.”
Van de Poppe believes there is a high probability of a break of the current level to take liquidity, but this could present a great buying opportunity…
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