Major coins were mixed on Monday night, while the global cryptocurrency market cap fell 1.4% to $1 trillion.
|coin||24 hours||7 days||Price|
|Bitcoin (CRYPTO: BTC)||-0.3%||-11.2%||$21,409.06|
|Ethereum (CRYPTO: ETH)||0.6%||-14.7%||$1,621.16|
|Dogecoin (CRYPTO:DOGE)||-1.6%||-10.9%||$0.07 USD|
|Cryptocurrency||24 hour % change (+/-)||Price|
|Curve DAO tokens (CRV)||+6.1%||$1.09 USD|
Also see: How to get free crypto
Why is it important: Cryptocurrencies traded relatively flat on a day when the S&P 500 and Nasdaq fell 2.1% and 2.55%, respectively. At press time, stock futures were trading in the green.
OANDA senior market analyst Edward Moya said that bitcoin’s weakness is not in line with the stock’s decline.
“Normally, on a day like today, Bitcoin’s percentage loss would easily offset the weakness in the S&P 500 index. Bitcoin is able to defend the $20,000 mark somewhat, but it may be difficult to maintain this level if the greenback continues to rise ahead of Fed Chairman Powell’s speech at the Jackson Hole Symposium,” Moya wrote in a note shared by Benzinga Was seen.
Inflation fears are back in vogue as the key figures for personal consumption expenditure (PCE) are expected on Friday. Before then, investors will keep an eye on the Federal Reserve’s annual symposium in Jackson Hole, which is scheduled to begin Thursday.
ZFX trading analyst Miad Kasravi said the consensus was that PCE peaked in June and Friday’s data would confirm that.
“If this is true, for risky assets it is like [Bitcoin] and shares clearly positive.”
— Miad Kasravi (@ZFXtrading) 22 August 2022
Michael van de Poppe said cryptocurrencies are still “on pace” to make a higher low. The cryptocurrency trader said the market cap could range from $900 billion to $925 billion.
The total market value of #crypto is still on the way to creating a HL.
Maybe looking at $900-925 billion, but for confirmation the scenario still holds. pic.twitter.com/ccCOD69SQz
— Michaël van de Poppe (@CryptoMichNL) 22 August 2022
The failure of the recent cryptocurrency rally was dissected by Glassnode in a blog post. The weakness and rejection of the $24,400 level back below the realized bitcoin price came as investors across different cohorts decided to allocate above the market’s average cost level during the rally, Glassnode said.
Bitcoin Exchange Inflow & Outflow (30-Day Moving Average) — Courtesy of Glassnode
“The recent price increase has also failed to attract a significant wave of new active users, which is particularly notable among retail investors and speculators,” the on-chain research firm said.
The company Delphi Digital observed large liquidations of long positions in BTC and ETH, blaming the sell-off mainly on investor speculation about an extended phase of rate hikes, in addition to the strength of the dollar index.
Total liquidation of crypto assets since May 23 — courtesy of Delphi Digital
Of the $562 million in long positions liquidated on August 19, BTC and ETH positions accounted for 65%, according to the digital asset analytics shop.
But investors can be noisy Justin Bennett expects Bitcoin bulls to struggle towards $20,800 level. As the brand dates back to 2015, “the bulls will defend it with their lives,” the retailer tweeted.
$20,800 $BTC Support is MUCH more important than most people realize.
It’s from 2015, so the police will defend it with their lives.
— Justin Bennett (@JustinBennettFX) 22 August 2022
Continue reading: Ronin Bridge hackers converted most of the loot to bitcoin: report
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