Major coins were trading in the green Tuesday night as the cryptocurrency’s market cap rose 2.43% over the past 24 hours to $1.03 trillion.
| cryptocurrency | Profits (+/-) | Price |
|---|---|---|
| Bitcoin | +2.04% | $22,166 |
| ether | +3.49% | $1,550 |
| Dogecoins | +1.84% | $0.083 |
What happened: The largest cryptocurrency by market value, Bitcoin BTC/USDtraded above $22,000. ether ETH/USD changed hands above $1,500 and is up 3.49% in the last 24 hours. Dogecoins DOGE/USD up 1.84% in the last 24 hours to trade at $0.083.
U.S. stock markets were mixed on Tuesday, with the S&P 500 Index up 0.1%, the tech-heavy Nasdaq Composite up 0.6% and the Dow Jones Industrial Average slipping 0.2%.
See more: Best Crypto Day Trading Strategies
Tuesday’s CPI report showed that the inflation rate slowed much more slowly than expected in January, prompting some market fears. Despite this, Bitcoin continued its upward trend.
According to on-chain data, Paxos burned BUSD 684 million for dollar redemptions. A former issuer of BUSD, Paxos made the decision to discontinue distribution after the Securities and Exchange Commission issued a notice from Wells.
Analyst Notes: “Just as most of the traditional macro crypto drivers turn bearish, Bitcoin is trying to show some resilience. Bitcoin is seeing modest gains as January’s inflation report suggested the Fed could keep rates high for longer. The market could be pricing in a little more tightening from the Fed, but that’s not weighing on cryptos that much today. Regulatory and contagion risks have put pressure on Bitcoin this month, so the downside may have been exhausted,” said Edward Moya, senior market analyst at OANDA.
“Bitcoin has massive support at the $20,000 level, which means something big likely needs to break into the cryptoverse for the selling momentum to resume. It seems everyone is focused on what the SEC is going to say on staking, and this wait may support…
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