The major coins traded mixed on Monday as traders closely watch upcoming US job vacancies data due to be released on Tuesday.
| cryptocurrency | gains +/- | Price (taken at 9:30pm EST) |
| Bitcoin BTC/USD | -4.10% | $28,045 |
| ether ETH/USD | -2.70% | $1,833 |
| Dogecoins DOGE/USD | -1.57% | $0.078 |
What happened: Bitcoin is struggling to maintain its price above $28,000 as it continues lower as US trading week begins. This follows federal regulatory action taken to take control Bank of the First Republic FRCwhich has further dampened market sentiment.
At the time of writing, the global crypto market cap was $1.16 trillion, down 3.21% from the last day.
The US stock market fell on Monday following the recent government takeover and sale of First Republic JPMorgan Chase & Co. JPM. The S&P500 showed a marginal decline of 0.04% while the Nasdaq Composite slipped 0.11%.
See more: Best Crypto Day Trading Strategies
Analyst Notes: “Bitcoin struggles here as Wall Street grows confident that banking crisis risk has been taken off the table. It looks like the US banking system has a playbook to deal with the next banking crisis when it occurs, somewhat dampening the case for cryptos. Bitcoin didn’t want to move above $30,000 before the FOMC decision, so it was sold after JPMorgan acquired the majority of First Republic’s assets,” he said Edward MoyaSenior Market Analyst OANDA.
He added, “Bitcoin has key support at the $27,000 level followed by the $25,300 region.”
According to analyst Michael Van de Poppe, Bitcoin’s recent drop below $28,400 should not be taken as a significant break as the cryptocurrency’s weakness continues. To benefit from this market trend, the analyst recommends looking for a potential long position around $27,800 or wait for a break and scale above $28,400.
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