Bitcoin and ether was able to hold some intraday gains amid mounting recession fears as the global cryptocurrency market cap rose 0.4% to $856.7 billion as of 7:24 p.m. EST.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.4% | 3.7% | $17,070.55 |
| ether ETH/USD | 0.6% | 4.3% | $1,269.11 |
| Dogecoins DOGE/USD | -1.5% | -1.5% | $0.10 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| monkey coin (MONKEY) | +5.35% | $4.16 |
| MultiverseX (Elrond) (EGLD) | +5.05% | $45.41 |
| NEAR protocol (VICINITY) | +4.15% | $1.79 |
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Why it matters: Risk assets were weighed down on Tuesday by fears of a looming recession. The S&P 500 and Nasdaq ended the day down 1.4% and 2%, respectively. US stock futures are trading flat at the time of writing.
Cryptocurrency trader from Amsterdam Michael van de Poppe said that despite the “general weakness in indices,” there are some “rather strong moves” in bitcoin.
Justin Bennett noted Bitcoin is down 0.8% this week, while the S&P 500 is down 2.8%.
The retailer said on Twitter: “If [stocks] Here one can find a soil for which it would probably bode very well [crypto.]”
“Bitcoin continues to hover around $17,000, which is pretty impressive given the recession-driven risk-off tone on Wall Street. Crypto traders are waiting for something big to happen before returning to this space,” he said Edward Moya, Senior Market Analyst at OANDA.
“Either we see decisive regulatory action being taken to fuel long-term growth, or the busy cycle continues while other crypto companies perish,” the analyst said in a note provided to Benzinga.
Erosive wealth could lead to a recession next year, according to a report Jamie Dimon, the manager of JPMorgan Chase. The bank board noted that households are spending less on pandemic stimulus funds that have helped boost the economy in 2021.
Despite this, purchasing power is reported to be higher than during the 2021 bull run mood. The market research platform tweeted: “If traders want to run this [cryptocurrency] Purchasing is a different story. Right now is the average percentage of supply held on exchanges from above [stablecoins] has increased from 32.5% to 28.4% in the last 4 months.”
Meanwhile, Bitcoin’s decreased mining difficulty, down 7.3%, is the largest such downward adjustment since July 2021, according to Bitcoin Evolution glass node.
The on-chain analytics firm said, “The mining industry is under extreme stress in the face of low coin prices, rising energy costs and debt burdens.”
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