Major coins traded in the red on Monday evening as investors appeared to position themselves ahead of the US Federal Reserve’s interest rate decision on Wednesday.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
|---|---|---|
| Bitcoin | -0.02% | $27,856 |
| Ethereum | -1.93% | $1748 |
| Dogecoin | -4.56% | $0.071 |
What happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) saw its highest trading price of the day rise to $28,459 on Monday, shortly after the Federal Reserve announced its partnership with five other major central banks to ensure a steady flow of US dollars. Although the price experienced a decline to $27,856.
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Ethereum (CRYPTO: ETH) was down 1.93% to change hands below $1,800. Dogecoin (CRYPTO: DOGE) was trading at $0.071, down 4.56% in the last 24 hours.
At the time of writing, the global crypto market capitalization was $1.16 trillion, down 1.19% in the last day.
US stocks rose on Monday, led by the S&P 500 and the Nasdaq Composite, amid growing signs that the banking crisis may be gradually easing. This comes after the Swiss government intervened and engineered a takeover of Credit Suisse Group (NYSE:CS) of UBS. The S&P 500 jumped 0.89%, while the Nasdaq Composite rose 0.39%.
See more: Best Crypto Day Trading Strategies
News Highlights: Coin base (NASDAQ:COIN) has reportedly stopped supporting Signature Bank’s Signet payments platform more than a week after New York regulators shut down the crypto-friendly institution. According to The Wall Street Journal, Coinbase users will not be able to use Signet to send funds outside of banking hours until further notice.
Analyst Notes: “Bitcoin gains as Wall Street becomes more aggressive in pricing Fed rate cuts and as concerns in the banking sector drive some into alternative investments away from traditional finance. Bitcoin in early trading was closer to $40,000 than it is at its low in November,” said Edward Moyasenior market analyst at OANDA.
Cryptanalyst Michael van de Poppe made an important observation about Bitcoin: “nothing has changed today,” since it simply “hacks around.” The likely scenario would be either a top forming in the $28,500 to $29,000 range or a final sweep down towards $25,000, he said. If the latter happens, van de Poppe suggested buying a bottom in that range for at least one bounce.
Regarding #Bitcoin nothing has changed today.
Hocker around, just like tomorrow.
Could be topped or a final sweep to the $28,500-29,000 range.
When I break below $27,000, I buy at least $25,000 for a bounce. pic.twitter.com/MfgXai2Aqk
— Michaël van de Poppe (@CryptoMichNL) March 20, 2023
Popular cryptanalyst Benjamin Cowen offered a market view on Bitcoin, examining where the popular digital asset could go before the next bull market really starts. Cowen said that BTC could go slightly higher than its current value and consolidate to or above the $30,000 range before seeing a corrective move. His outlook would involve BTC hitting a “deviation to the upside [at $30,000] for a while,” making a “higher low” before rallying to the upside.
On-chain data analytics platform Santiment reported that the average return for Bitcoin among long-term holders and short-term “new money” investors has soared into positive territory for the first time in 14 months.
📈 Average return for #Bitcoin among long-term hodlers and short-term “new money” has burst into positive territory for the first time in 14 months. Our latest insights cover how this key indicator intersection is valuable for measuring the next #running of the bulls. pic.twitter.com/50z1LPmXcD
— Santiment (@santimentfeed) March 20, 2023
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