Major cryptocurrencies reversed on Wednesday night after the global market capitalization of cryptocurrencies shrank 1.8 percent to $ 1.2 trillion in the press.
Coin efficiency of major coins Coin 24-hour 7-day price Bitcoin BTC / USD -3.2% 1.5% $ 30,171.98 Ethereum ETH / USD -1.5% -1.3% $ 1,790.35 Dogecoin DOGE / USD -1.5% -1.75% of $ 2. (CoinMarketCap data) Cryptocurrency 24-hour% change (+/-) Price Theta Network (THETA) + 5.7% $ 1.31 Helium (HNT) + 3.95% $ 10.69 FTX Token (FTT) +3, 4% $ 28.07
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Why it matters: Cryptocurrencies and stocks continue to move in tandem, with Bitcoin and Ethereum’s price action remaining limited in range.
During the press, stock futures traded unchanged, with S&P 500 and Nasdaq futures up 0.08% and 0.03%, respectively.
New legislation in the US Senate will classify the two largest coins by market capitalization as commodities and give the Commodity Futures Trading Commission the power to regulate them.
“Although this bill has not yet been passed, it is very promising as it will provide the regulatory clarity that many institutions seek before investing in space,” said Marcus Sotiriou, an analyst at GlobalBlock, a UK-based digital asset. broker.
Commenting on the price action of bitcoin, Sotiriou said that it remains in the range between $ 28,000 and $ 32,000.
“$ 31,500- $ 32,000 remains a key level of resistance that needs to be overcome for sustainable upward development,” Sotiriou wrote in a note seen by Benzing.
Although there is no movement in Bitcoin and Ethereum, there are many actions visible in so-called altcoins such as Cardano (ADA), Chainlink (LINK) and Helium (HNT), Santiment tweeted. These coins showed great separation and performed well, said the market intelligence platform.
#Crypto prices fell sharply in the first week of June, but the result was mainly a lack of movement for #Bitcoin and #Ethereum. #Altcoins, on the other hand, showed great separation from each other, with $ ADA, $ LINK and $ HNT performing well. pic.twitter.com/MQJw3h9Gqc
– Santiment (@santimentfeed) June 8, 2022
Chain analyst Willie Woo said Bitcoin was “trying a bottom structure that has not yet been confirmed.” The analyst added that there is a strong spot demand from hodlers, most likely institutions.
“None of this matters if macro markets are crowded. If it wasn’t on the table, this structure would look pretty good, “Wu said.
SUMMARY:
In general, BTC is trying to find a bottom structure that has not yet been confirmed. At the local level, we are seeing strong spot demand from hodlers, probably institutionally.
None of this matters if macro markets are crowded. If it wasn’t on the table, this structure would look pretty good.
– Willie Woo (@woonomic) June 8, 2022
Wu said the bear market was moving from hedging the futures market to the dollar and not sellers were selling, but rather accumulating. The analyst said futures hedging has already declined.
Taking a fundamental supply and demand perspective, note that this bear market is moving from futures markets hedging to the USD (red arrow), not from selling hodlers. The Hodlers were accumulating for the most part.
This futures hedge has already declined. pic.twitter.com/UE0oXfec6p
– Willie Woo (@woonomic) June 8, 2022
Cryptocurrency trader Justin Bennett wrote on Twitter: “Several markets have collapsed under critical support over the 4-hour period. The next 24 hours may become uneven again.
Several markets broke under critical support over the 4-hour period.
The next 24 hours may become uneven again.
Be careful there. $ BTC $ ETH
– Justin Bennett (@JustinBennettFX) June 8, 2022
Read more: New Capitol Hill legislation will make crypto payments below that amount tax-free
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