Bitcoin, Ethereum, Dogecoin Under Control Ahead of New Week: Analyst Sees No Sustained Rally Until Fed Offers More Rate Hikes
Bitcoin fell below $21,000 on Sunday evening as the global cryptocurrency market capitalization fell 1% to $957.1 billion.
See also: How to get free NFTs
Why it matters: Cryptocurrencies fell Sunday night after showing strength over the weekend, with Bitcoin hitting a high of $21,600.64 during of the period and Ethereum reaching $1,377.94.
Meanwhile, equities – risky assets, which cryptocurrencies have consistently eclipsed in the recent past – were seen in the green at press time. S&P 500 and Nasdaq futures rose 0.2% and 0.3%, respectively.
"Risk assets have been beaten enough and may be primed for a rebound here, but a sustained rally won't happen until the Fed makes some massive rate hikes additional," said Edward Moya, senior market analyst at OANDA, in a note seen by Benzinga.
As the trading week begins, sentiment around cryptocurrencies remains weak. Alternative.me's "Crypto Fear & Greed Index" flashed "Extreme Fear" at press time and was at 20. Last week, the index was at 22. A value of 100 on the index represents " Extreme Greed", while a value of 0 displays "Extreme Fear".
Cryptocurrency trader Michaël van de Poppe said it remains to be seen how Bitcoin will perform after the weekend as the $21,200 level was rejected.
“Overall the strength is still there and I suspect there is still upside. Crucial barrier for now; $21,000."
On-chain analytics firm Glassnode said Bitcoin has seen two "huge" sellout events this year, both of which caused the largest losses in transfer volume. the apex coin since 2011.
One event was the collapse of Terra Classic (LUC), which caused a total loss of transfer volume of 538,000 BTC, and the other was a loss of volume of transfer of 480,000 BTC, the market trading below that of 2017. All-time high.
On the Ethereum side, there is a buzz around a price recovery. Market news platform Santiment said the second-largest coin by market capitalization saw a 29% gain in July.
Santiment also noted an increase in whale activity in the coin network in the 1,000 ETH to 100,000 ETH address level since May.
Chartist Ali Martinez said Ethereum appears to be “exploding” and pinned a target of $1,670 for the coin.
Meanwhile, Ethereum Classic (ETC), considered a cheaper Ethereum game by some, was among the top intraday gainers on Sunday night. The coin increased by more than 14% over 24 hours.
Read more: The Wolf of Wall Street says he got cheated on Bitcoin: 'I really hated crypto'
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Bitcoin fell below $21,000 on Sunday evening as the global cryptocurrency market capitalization fell 1% to $957.1 billion.
See also: How to get free NFTs
Why it matters: Cryptocurrencies fell Sunday night after showing strength over the weekend, with Bitcoin hitting a high of $21,600.64 during of the period and Ethereum reaching $1,377.94.
Meanwhile, equities – risky assets, which cryptocurrencies have consistently eclipsed in the recent past – were seen in the green at press time. S&P 500 and Nasdaq futures rose 0.2% and 0.3%, respectively.
"Risk assets have been beaten enough and may be primed for a rebound here, but a sustained rally won't happen until the Fed makes some massive rate hikes additional," said Edward Moya, senior market analyst at OANDA, in a note seen by Benzinga.
As the trading week begins, sentiment around cryptocurrencies remains weak. Alternative.me's "Crypto Fear & Greed Index" flashed "Extreme Fear" at press time and was at 20. Last week, the index was at 22. A value of 100 on the index represents " Extreme Greed", while a value of 0 displays "Extreme Fear".
Cryptocurrency trader Michaël van de Poppe said it remains to be seen how Bitcoin will perform after the weekend as the $21,200 level was rejected.
“Overall the strength is still there and I suspect there is still upside. Crucial barrier for now; $21,000."
On-chain analytics firm Glassnode said Bitcoin has seen two "huge" sellout events this year, both of which caused the largest losses in transfer volume. the apex coin since 2011.
One event was the collapse of Terra Classic (LUC), which caused a total loss of transfer volume of 538,000 BTC, and the other was a loss of volume of transfer of 480,000 BTC, the market trading below that of 2017. All-time high.
On the Ethereum side, there is a buzz around a price recovery. Market news platform Santiment said the second-largest coin by market capitalization saw a 29% gain in July.
Santiment also noted an increase in whale activity in the coin network in the 1,000 ETH to 100,000 ETH address level since May.
Chartist Ali Martinez said Ethereum appears to be “exploding” and pinned a target of $1,670 for the coin.
Meanwhile, Ethereum Classic (ETC), considered a cheaper Ethereum game by some, was among the top intraday gainers on Sunday night. The coin increased by more than 14% over 24 hours.
Read more: The Wolf of Wall Street says he got cheated on Bitcoin: 'I really hated crypto'
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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