Major coins were trading in the red on Thursday night, as the cryptocurrency market capitalization fell 5.45% in the past 24 hours to $1.02 trillion.
| Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
| Bitcoin | -4.83% | $21,868 |
| Ethereum | -6.37% | $1549 |
| Dogecoin | -10.07% | $0.081 |
What happened: The largest cryptocurrency by market capitalization Bitcoin (CRYPTO: BTC) was trading below $22,000. Ethereum (CRYPTO: ETH) changed hands at $1,549, down 6.37% in the last 24 hours. Dogecoin (CRYPTO: DOGE) was down 10.07% to $0.081.
US stocks fell on Thursday, erasing earlier gains, as fears over potential future Federal Reserve decisions overshadowed optimism over the latest round of corporate earnings. The S&P 500 fell 0.9% to close at 4,081.50, while the Nasdaq Composite Index fell 1.02% to 11,789.58
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Crypto exchange giant Kraken has agreed to suspend its cryptocurrency betting operation to settle costs with US Securities and Exchange Commission. The SEC states that Kraken must “immediately” discontinue its crypto staking-as-a-service platform for US customers and pay a $30 million penalty to settle its charges of offering unregistered securities.
Analyst notes: Cryptanalyst Direct Capital has warned Bitcoin is on the verge of losing a key support level as it stumbles. The apex coin needs to close above $22,692 to keep the technical uptrend intact, the analyst said.
Recht warned traders about the potential pitfalls of using “fear of missing out” based trading decisions. “If you FOMO on a green day… You won’t have enough ammo to FOMO on a red day. If you must FOMO – choose a red day.”
Caleo, another cryptoanalyst, said that BTC has yet to experience a significant break higher, although it may bounce back from the recent retest of the HTF trend break that acts as support. This gives investors the opportunity to accumulate more BTC and push the market towards the $30,000 mark. While this may take some time, Kaleo said $30,000 remains a magnet for BTC.
Didn’t get the first break higher I was hoping for, but I still think we’ll see a rejection of the retest of the HTF trend break that acts as support.
Just gives a little more opportunity to stack.
$30K is still a magnet. pic.twitter.com/klMYSa7c0d
— KALEO (@CryptoKaleo) 9 February 2023
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