“Fear” takes hold of BTC, ETH, DOGE and SHIB

“Fear” takes hold of BTC, ETH, DOGE and SHIB

Major currencies were trading lower on Monday night, when the global market capitalization of cryptocurrencies fell 2.5% to $ 2.54 trillion.

What has happened Bitcoin (CRYPTO: BTC), fell 3.1% to $ 56,419.92 over the course of 24 hours. Over the course of seven days, it is down 10.28%.

Ethereum (CRYPTO: ETH) fell 2.5% to $ 4,122.03 after a 24-hour tracking period. The coin is down 8.07% for the week.

The cryptocurrency that was born as a joke, Dogecoin (CRYPTO: DOGE), fell 1.48% to $ 0.22 in 24 hours. This has fallen by 12.93% in the last seven days.

DOGE rival Shiba Inu was trading 0.7% lower at $ 0.00004326 after a 24-hour tracking period. During the week, it has plummeted 17.59%.

The coins that benefited the most from a 24-hour period were Voyager Token (T: 1766 ), The Sandbox and Elrond, according to data from CoinMarketCap.

Voyager Token soared 34.73% to $ 5.06, The Sandbox was up 18.2% to $ 4.95 and Elrond advanced 11.51% to $ 491.10.

The Sandbox and Elrond posted their respective all-time highs of $ 5.24 and $ 494.89 on Monday.

Why It Matters Greed, which dominated sentiment in the cryptocurrency market last week, has morphed into fear, according to the Fear & Greed index, according to information provided by Alternative.

Michaël van de Poppe, a trader based in Amsterdam, has pointed out that Bitcoin has rejected the $ 60,000 level and is trying to find “any support”. According to Van de Poppe, that support could be as low as $ 43,000-46,000.

 

Van De Poppe has added in a separate statement via a newsletter that a key factor in Bitcoin’s decline has been the rise of the dollar.

“If the dollar is successful in this race to the upside, there could be a new corrective movement in the price of Bitcoin, as that correlation is one of the strongest in the markets.”

On Monday, President Joe Biden announced that he will nominate US Federal Reserve Chairman Jerome Powell for a second term, which is seen as positive for the dollar.

“The dollar rallied along with short-term Treasury yields following reports that the White House plans to stay with Fed Chairman Powell,” said Edward Moya, a senior market analyst at Oanda.

“Bitcoin is under pressure after the dollar and US stocks rose following President Biden’s decision to follow Jerome Powell to lead the Fed,” Moya said in an emailed note.

According to the analyst, inflation hedges did not fare well on Tuesday and the apex cryptocurrency was “destined to suffer a pullback.”

Powell’s UK-based partner Craig Erlam wrote on the other hand that the fact that Bitcoin does not exceed $ 60,000 could be a “bearish sign”.

“We may not see it now, but the fact that it doesn’t go above $ 60,000 again suggests that 20% may not be as bad as it could be.”

Figures tweeted by CNBC host Ran Neuner on Monday indicate that Solana has seen more new projects per chain in the past 60 days than Ethereum by a wide margin, even though the L1 and L2 projects were considered together.

 

Samuel Edwards
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