Major cryptocurrencies were trading in the green late on Tuesday following the release of the February consumer price index, which showed a decline in inflation to 6% from the previous month’s reading of 6.4%.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
|---|---|---|
| Bitcoin | +2.79% | $25,036 |
| Ethereum | +2.31% | $1717 |
| Dogecoin | +3.92% | $0.075 |
What happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC) rose above $26,000 for the first time in nine months before falling to $25,000. It posted double-digit gains for two consecutive days, peaking at $26,100 before making any gains.
ENTER TO WIN $500 IN STOCKS OR CRYPTO
Enter your email and you’ll also receive Benzinga’s ultimate morning update AND a free gift card of $30 and more!
Ethereum (CRYPTO: ETH) was up 2.31% to over $1,700. Dogecoin (CRYPTO: DOGE) was trading at $0.075, up 3.92% in the last 24 hours.
At the time of writing, the global cryptocurrency market capitalization was $1.10 trillion, up 2.50% in the last day.
US stocks rose on Tuesday as investors believed that the potential risk of contagion from the shutdown of Silicon Valley Bank (NASDAQ: SIVB) and Signature bank (NASDAQ: SBNY ) had been held back. The S&P 500 rose 1.65%, while the Nasdaq Composite rose 2.14%.
See more: Best Crypto Day Trading Strategies
News Highlights: The final dress rehearsal for the long-awaited Ethereum upgrade, “Shapella”, took place on Tuesday on the Goerli test network (testnet). The successful test simulated staked ether withdrawals, bringing the Shanghai upgrade one step closer to its live activation on the mainnet blockchain sometime next month. With the final general test now complete, Ethereum is well poised to roll out its upgraded network to the public.
On the Bankless Podcast, Coinbase Global (NASDAQ: COIN) CEO Brian Armstrong discussed his ambition for the company to create a more sustainable and predictable revenue model to navigate crypto cycles.
Analyst Notes: “Bitcoin is near the $26,000 level despite losing a couple [of] key cryptobanks and as stablecoin USD nearly recovers its $1 peg,” said Edward Moyasenior market analyst at OANDA.
Moya added: “The king dollar trade looks like it’s not coming back, and that should be good news for crypto. Bitcoin may be able to run to the $30,000 level if Wall Street is right that the Fed’s work is almost done. ”
Michael van de Poppefounder and CEO of Eight trade, shorting Bitcoin is advised against until clear confirmation of a correction is received. However, he believes a sharp rise to $28,000 is possible without any consolidation. Should the price fall below $24,800 to $24,900, he will consider buying at $23,300.
Not interested in shorts too #Bitcoin until we receive clear confirmation of a correction.
Could shoot to $28K from here without any consolidation.
Break below $24.8-24.9K and looking to buy at $23.3K then.
— Michaël van de Poppe (@CryptoMichNL) March 14, 2023
Veteran trader Peter Brandt took to Twitter and said that he is not surprised by the latest developments in the crypto market at the make-or-break $26,000 level, which was rejected.
Not surprised 26,000 rejected advance pic.twitter.com/nUQkNAtI1t
— Peter Brandt (@PeterLBrandt) March 14, 2023
Data analysis platform Santiment said that if Bitcoin breaks through the local resistance level with significant strength, its value could rise further. This could also change investor sentiment about the ongoing bear market.
“Whales make highest level of $BTC $1M+ transactions in 4 months after breaking 9-month price highs,” Santiment tweeted.
#Bitcoin continues its amazing recovery, shooting all the way over $26.5k next door #bullish #Fed news about potential US interest rate cuts. Whales do the highest level of $BTC $1M+ transactions in 4 months after breaking 9-month price highs. pic.twitter.com/HIGnVAqYKz
— Santiment (@santimentfeed) March 14, 2023
Read Next: Web3 Token Surpasses Bitcoin, Ethereum in Weekly Gains with 33% Increase on Microsoft Tie-Up
