Major cryptocurrencies tumbled Sunday night as the market cap fell 2% to $1.07 trillion, recorded at 8:30 p.m. EST.
| cryptocurrency | Profits (+/-) | Price |
|---|---|---|
| Bitcoin | -1.41% | $22,996.85 |
| ether | -1.94% | $1,634 |
| Dogecoins | -2.61% | $0.092 |
What happened: The largest cryptocurrency by market value, Bitcoin BTC/USDfell below $23,000. ether ETH/USD changed hands at $1,634, down 1.94% in the last 24 hours. Dogecoins DOGE/USD is down 2.61% in the last 24 hours, pushing its price up to $0.092.
US stocks closed lower on Friday. The S&P 500 fell 1.04% and the tech-heavy Nasdaq Composite fell 1.59%.
See more: Best Crypto Day Trading Strategies
Investors are wary of possible signs of stubbornly high inflation that could flare up again, leading to a more aggressive interest rate response federal reserve.
Analyst Notes: “It’s quite shocking to see how little crypto is moving given all the volatility in fixed income, equities, forex and commodities. A stunning jobs report fuels calls for rate hikes and throws cold water on those bets on rate cuts by the end of the year. Bitcoin seems content to be hanging around $23,000 and that should be seen as good news for crypto traders. With yields expected to keep rising, Bitcoin may struggle to reach the $25,000 level in the short-term,” he said Edward MoyaSenior Analyst at OANDA, in a note from Benzinga.
analyst Michael van de Poppe said bitcoin is “back in the range” and a drop below $21,700 could be the ultimate liquidity sweep. The ideal entry point would be in the $22,300-$22,700 range, while a break of $23,300 would signal a continuation higher. He added that these fixes are relatively superficial.
Analyst TechDev tells his 406,000 Twitter followers that he believes Bitcoin’s price movements follow global dollar liquidity cycles. He backs this claim with a chart comparing Chinese 10-year bonds…
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