by Major coins were trading lower late Sunday as the global cryptocurrency market cap fell 0.9% to $1 trillion.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin (CRYPT: BTC) | -0.3% | -5% | $21,765.19 |
| ether (CRYPT: ETH) | -1.4% | -7% | $1,570.81 |
| Dogecoins (CRYPTO:DOGE) | -0.7% | -11% | $0.08 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| rendering token (RNDR) | +11.9% | $1.60 |
| stack (STX) | +12.8% | $0.325 |
| internet computer (ICP) | +7.4% | $5.60 |
See also: Best Crypto Hardware Wallets in 2023
What happened: Both Bitcoin And ether were lower along with other risky assets at the time of writing as both S&P and Nasdaq futures were flashing red.
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Risk assets came under pressure last week after the Federal Reserve Chairman Jerome Powell said interest rates could continue to rise if inflation doesn’t ease.
“For example, if we continue to get strong jobs reports or higher inflation reports, we may well have to do more and raise rates more than what’s priced in,” Powell said, CNBC reported.
“Risk aversion seems to be in place and that could persist if next week’s inflation report is hot. Investors could be making bets on how high the Fed will have to take interest rates and that could support a broad downside move for all risky assets, especially crypto,” he said Edward Moyaa senior market analyst at OANDA, on Friday.
Alternative.me’s Crypto Fear & Greed Index, which read Greed last week, was reading Neutral at the time of writing, indicating a drop in investor sentiment.
cryptocurrency trader Michael van de Poppe Noting the slew of data investors are looking forward to in the new trading week, including CPI numbers on Tuesday and retail sales and PPI numbers on Wednesday and Friday respectively.
“My thoughts are that inflation will likely continue to fall and fall steeply,” Van de Poppe said, pointing to lower gas prices.
Big week ahead.
– CPI on Tuesday.
– Retail Sales & Empire State on Wednesday.
– PPI on Friday.My thoughts are that we will likely see inflation continue to fall and fall steeply.
Gas prices have also fallen like a rock and this drop -> markets are rising.
— Michaël van de Poppe (@CryptoMichNL) February 12, 2023
A CryptoQuant The analyst said that the Bitcoin chart revealed a “unique pattern” last seen in 2019, 2015 and 2012, where the Apex coin “entered a long-term uptrend.”
The Bitcoin chart has revealed a unique pattern
“This pattern was last observed in 2019, 2015, and 2012, after that #Bitcoin a long-term uptrend.”
from @GrizzlyBTCloverLinkhttps://t.co/REtEScr6vK
— CryptoQuant.com (@cryptoquant_com) February 12, 2023
The analyst, who goes by the username “Grizzly,” said the pattern can be seen on the 200-day moving average and realized price on the long-term Bitcoin chart.
“The formation of a long-term bottom is typically predicted by the overlap/crossover of the 200-day moving average from the top to the realized price,” the analyst said.
However, the analyst cautioned that it remains to be seen whether Bitcoin can decouple from other risky assets like stocks and behave like a “store of value in inflationary times.”
Continue reading: SEC’s ‘Crypto Mom’ Slams Agency For ‘Paternalistic’, ‘Lazy’ Over Kraken Issue – Gets Thumbs Up From Dogecoin Creator
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