Dogecoin Falls While Bitcoin, Ethereum Spike
Major coins traded mixed on Tuesday evening as investors weighed the slowdown in the hot job market combined with banking uncertainty.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
| Bitcoin BTC/USD | +2.97% | $28,650 |
| Ethereum ETH/USD | +5.89% | $1,917 |
| Dogecoin DOGE/USD | -1.14% | $0.096 |
What happened: Dogecoin DOGE/USD took a heavy dive on Tuesday night, while Bitcoin BTC/USD and Ethereum ETH/USD saw significant gains as cryptocurrency markets reacted to the latest US employment figures.
Top winners (24 hours)
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
| Icon | +48.23% | $0.46 |
| Lido DAO | +15.23% | $2.77 |
| Synthetics | +12.45% | $2.87 |
At the time of writing, the global crypto market cap was $1.21 trillion, up 3.18% in the last day.
US stocks fell as the S&P 500 fell 0.58%, and the Nasdaq Composite fell 0.52%.
See more: Best Crypto Day Trading Strategies
News Highlights: Tether, the world’s largest stablecoin issuer, has taken its operations offshore. According to Bloomberg, Tether used Signature Bank’s Signet payment platform to make a series of transfers of US customers’ funds from the US to Capital Union Bank in the Bahamas.
Analyst Notes: Analyst Michael van de Poppe said Bitcoin continues to consolidate between the $27,900 and $28,400 levels. If the $28,400 level is cracked, it could provide a jump start for Bitcoin to eventually climb to $30,000.
According to top cryptanalyst Justin Bennett, Bitcoin’s current triangle pattern could soon lead to a potentially explosive price move in the coming days. With BTC trading at around $28,452 at the start of the quarter, this price level has served as a critical resistance point in recent weeks.
If Bitcoin fails to break above $28,452 in the short term, a bearish divergence (fakeout) could be on the horizon and drag the price down. On the other hand, if the 4-hour triangle breaks out to the upside, this is likely to lead to higher Bitcoin prices.
Pseudonymous analyst Caleo believe that ETH has had a solid uptick in relation to BTC in recent days. However, they cautioned that this should be nothing more than a swing play opportunity and any profits should be rotated back into BTC before $30,000 breaks and the ETH/BTC ratio trend turns bearish again.
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