Analyst Says He Is Holding Bitcoin (BTC), Ethereum (ETH) Together

Analyst Says He Is Holding Bitcoin (BTC), Ethereum (ETH) Together
Written by admin

Most major cryptocurrencies traded lower on Thursday evening as the global cryptocurrency market cap fell 1.2% to $1.06 trillion.

Price Performance of Big Bucks
Coin 24 hours 7 days Price
bitcoin BTC/USD -1.8% -4.9% $22,668.99
Ethereum ETH/USD -2.2% -6.4% $1,611.71
dogecoin DOGE/USD 0.5% -2.6% $0.07

Best 24-Hour Earnings (Data with CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Flow (FLOW +38.6% $2.63
Trust Wallet Token (TWT) +11.6% $1.16
1 inch Mesh (1 INCH) +7.3% $0.84

See also: Best USDC Interest Rates

Why Important: Risk assets were not aligned at press time, bitcoin and Ethereum stock futures pressed red while green. S&P 500 and Nasdaq futures rose 0.2% and 0.3%, respectively.

Edward MoyaOANDA, a senior market analyst at OANDA, said that although Bitcoin’s relationship with equities is still intact, the digital asset has underperformed in the past few sessions.

“The rise in Fed rate hike expectations has limited how high Bitcoin can go for now, but as long as traders are confident that the peak in Treasury yields remains in place, Bitcoin may already have bottomed out,” Moya wrote in a note. Gasoline.

But Moya is confident about cryptocurrencies as a whole. “Calls that crypto is dead have been exaggerated. In fact, crypto is alive and well.”

The analyst’s optimism was based on: Coinbase Global Inc. MONEYS declare a partnership with Black Rock this will allow the investment management platform to access cryptocurrencies directly.

Meanwhile, yields on 10-year Treasury bills fell 5.3 basis points to 2.696 percent on Thursday. The spread between the yields of two-year and 10-year Treasury bills closed 35.7 basis points lower, reaching its lowest inversion since 2000. reported Reuters. According to Moya, stocks largely ignored this reversal.

Delphi Digital In a note, he pointed out that historical data shows that “recessions tend to occur” when the Fed Funds rate is above neutral interest rates.

Neutrality in rates means that further rate hikes by the US Federal Reserve will translate into restrictive action.

Fed Funds Rate Spread Vs. Neutral Rate Advertising Inflation — Courtesy Delphi Digital

“The stock market to GDP ratio, its relationship to unemployment, and economic factors such as consumer sentiment and falling GDP imply that the current market action is a bear market rally,” the independent research boutique said.

Cryptocurrency trader Justin Bennett He said that if he reclaims the $1.05 trillion levels, the total market cap could reach $1.15 trillion.

Read Next: Coinbase Asks Supreme Court to Stop User Lawsuits Regarding Dogecoin and Scams

About the author


Leave a Comment