Major coins were trading flat on Monday night, as the market cap fell 0.72% to $1.06 trillion, recorded at 8:30 p.m. EST.
| cryptocurrency | Profits (+/-) | Price |
|---|---|---|
| Bitcoin | -0.78% | $22,833 |
| ether | -0.69% |
$1,624
|
| Dogecoins | -2.66% | $0.090 |
What happened: The largest cryptocurrency by market value, Bitcoin BTC/USDfell below $23,000. ether ETH/USD changed hands at $1,624, down 0.69% in the last 24 hours. Dogecoins DOGE/USD is down 2.66% in the last 24 hours, pushing its price down to $0.090.
US stock markets opened lower on Monday as investors weighed the potential impact federal reserve‘s response to the job report. The S&P 500 fell 0.6% and the Nasdaq Composite fell 1%, both falling during the afternoon trading session.
See more: Best Crypto Day Trading Strategies
The unexpected strength in Friday’s jobs report added fresh concerns as it drove Bitcoin below $23,000 over the weekend after multiple attempts to break through $24,000 over the past week
Analyst Notes: “Bitcoin’s correlation with stocks and bonds remains, but could end soon. Bitcoin isn’t falling as much as stocks, but if the bond market sell-off continues, downward pressure will remain. Bitcoin appears poised to trade in a range between $20,000 and $24,000 until we get past the next inflation report. This week should be filled with Fed pullbacks that could leave risky assets vulnerable,” he said Edward MoyaSenior Analyst at OANDA, in a note from Benzinga.
Experienced crypto trader Ton Vays on Monday, he warned his 123,000 YouTube subscribers that bitcoin is struggling to sustain the rally of recent months. Vays points out that the flagship cryptocurrency has seen an incredible 50% surge, from a low of $16,272 in November to as high as $24,229 – but is now facing serious resistance at the $25,000 level.
“This thing climbed way too far, way too fast,” Vays warned.
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