Major cryptocurrencies traded lower Tuesday night as the global cryptocurrency market cap fell 0.2% to $805.9 billion as of 7:14 p.m. EST.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -0.1% | -0.2% | $16,673.74 |
| ether ETH/USD | -0.1% | 0.15% | $1,214.05 |
| Dogecoins DOGE/USD | -1.8% | -4.6% | $0.07 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Solana (SOL) | +18.8% | $13.37 |
| Flow (RIVER) | +7.4% | $0.72 |
| mine (MINA) | +6.4% | $0.46 |
See also: Top Trading Platforms for Altcoin Investing
Why it matters: Bitcoin and ether were down as stock futures fell Tuesday night.
Risky assets didn’t have the best start to 2023 as the S&P 500 and Nasdaq closed down 0.4% and 0.8%, respectively, on Tuesday.
Later this week, investors will be watching for the Federal Reserve’s release of minutes from its latest policy meeting. The survey figures on job offers and fluctuation as well as ISM production data are also due.
Bitcoin celebrated its “birthday” on Tuesday, as 14 years have passed since the cryptocurrency’s first block was mined by its pseudonymous creator Satoshi Nakamoto.
Cryptocurrencies, including Bitcoin, are still not out of the woods Edward Moyaa senior market analyst at OANDA.
“This is still a difficult time for crypto as everyone waits to see what will be the next crypto company to fail. Regulation takes time, but the guidelines should take effect this year. A top U.S. regulator has issued a joint alert on crypto activity that did not present new risks,” Moya said in a note seen by Benzinga.
“Bitcoin appears to be anchored, but it’s still not clear when we will test and possibly form a new bottom.”
The joint statement to which Moya refers was issued by the federal reserve, Federal Deposit Insurance Companyand the Office of the Comptroller of the Currency.
The statement said, “It is important that risks associated with the crypto-asset sector that cannot be mitigated or controlled do not migrate into the banking system.” continue to closely monitor the risks associated with banking assets
organizations.”
Michael van de Poppe tweeted that Ethereum needs to bounce off current levels or “otherwise things will get painful”.
The analyst said in a separate tweet that “crucial levels are approaching” for the second largest cryptocurrency.
“If these are lost, [the] Structure is lost and $1,165 and under is at stake,” said Van De Poppe.
Santiment noted that traders were “aggressively shorting” altcoins on Tuesday and some assets may be primed for short liquidations.
Some of the candidates that the market research platform identified for “small breakouts” are included Solana (SOL), DigiByte (DGB), Kawa (KAVA) and ZCash (ZEC).
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