Major cryptocurrencies were seen trading in the red on Tuesday night as the global cryptocurrency market capitalization fell nearly 1% to $1.02 trillion at 9:09 PM EST.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -1.2% | -4.5% | $22,215.02 |
| Ethereum (CRYPTO: ETH) | -0.6% | -3.1% | $1,564.55 |
| Dogecoin (CRYPTO: DOGE) | -2.5% | -9% | $0.07 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Bone ShibaSwap (LEG) | +11.6% | $1.73 |
| Conflux (CFX) | +7.6% | $0.22 |
| ssv. network (SSV) | +4.4% | $41.38 |
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Why it matters: Bitcoin and Ethereum The declines were in line with the shares, which sold off on Tuesday. S&P 500 and Nasdaq futures were largely unchanged at the time of writing.
Risky assets fell into the red after the Federal Reserve Chair Jerome Powell said that continued high inflation is causing difficulties.
“We have covered a lot of ground and the full effects of our tightening so far have yet to be felt. Still, we have more work to do,” Powell told the newspaper Senate Committee on Banking, Housing and Urban Affairs.
Powell noted that there was a “long way to go” to get inflation back to 2%, and the path to the target was likely to be “skinny”.
OANDA senior market analyst Edward Moya said Powell “killed the risk appetite” on the first day of his Capitol Hill appearance. “Every major risky asset class was under pressure after Fed Chair Powell’s first day of testimony.”
“Bitcoin was down, but was able to stay at the lower limits of the main trading area. Risk appetite is very vulnerable here, and if this wave of risk aversion does not pass, cryptos may struggle,” Moya said.
Meanwhile, CNBC hosts “Mad Money.” Jim Cramer asked on Twitter: “How long will crypto continue to trade with NASDAQ and not with Silvergate.”
Michael van de Poppe noted that Grayscale Bitcoin Trust (OTC:GBTC) rose 11% on Tuesday, breaking previous 2023 highs. The cryptocurrency trader said: “People expect a probability of Grayscale winning against the SEC leading to a placement [Bitcoin] ETF this month.”
Grayscale #Bitcoin Up 11% on the day, breaking previous highs in 2023.#Bitcoin the price stops around $22K, 15% below the 2023 high.
People expect a probability of Grayscale winning against the SEC leading to a berth #Bitcoin ETF this month.
— Michaël van de Poppe (@CryptoMichNL) March 7, 2023
Justin Bennett said that the odds of a correction in Ethereum are on the rise. “Ethereum looks set to get closer to a 15% correction,” the trader said.
Pointing to the chart of the second-largest cryptocurrency, Bennett said in a note, “ETHUSD is coming from significant trendline resistance at $1,720, extending from the September 2021 low. And while the market remains sideways, the chart below suggests a potentially significant pullback ahead. »
On-chain market intelligence company Glass node said that 40,000 BTC, worth almost $886.78 million – linked to US government law enforcement seizures are on the way.
“Of these, most appear to be internal transfers (so far), but approximately $9,861BTC seized from the Silk Road hacker has been sent to our Coinbase cluster,” Glassnode said.
About 40k $BTC from wallets linked to US government law enforcement seizures are on the move.
Of these, the majority appear to be internal transfers (so far), although approx. 9,861 $BTC seized from the Silk Road hacker has been sent to our Coinbase cluster. pic.twitter.com/afuEYcV18L
— glassnode (@glassnode) March 7, 2023
Read next: Analyst Warns Crypto Market on Verge of Sell-off as Bitcoin Shorts Overpower Longs
