Bitcoin, Ethereum, Dogecoin Mixed As Banking Worries Deepen: Analyst Says ‘Trading Isn’t Black And White’, Predicts Apex Crypto To Hit $40k
Major currencies traded mixed on Sunday evening as the recent banking crisis in the US has many investors questioning the reliability of the traditional banking system.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
|---|---|---|
| Bitcoin | +0.78% | $27,873 |
| Ethereum | +0.66% | $1767 |
| Dogecoin | -0.36% |
$0.073
|
What happened: Apex cryptocurrency Bitcoin BTC/USD currently trading below $28,000.
Ethereum ETH/USD was up 0.66% to change hands below $1,800. Dogecoin DOGE/USD was trading at $0.073, down 0.36% in the last 24 hours.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
|---|---|---|
| Rocket pool | +9.35% | $42 |
| ssv. network | +9.14% | $37.51 |
| Conflux | +7.23% | $0.34 |
At the time of writing, the global crypto market cap was $1.16 trillion, up 0.64% over the past day.
US stocks rose on Friday after a volatile trading session. Although Friday began with fears that the banking crisis would spill over the German bank, the markets rebounded to end the week at a higher level. The S&P 500 rose 0.56 percent, while the Nasdaq Composite rose 0.3 percent.
See more: Best Crypto Day Trading Strategies
News Highlights: Liquidity is a big problem in today’s crypto market. According to data provider Kaiko, large orders without market depth can cause large price swings, leaving traders vulnerable to slippage and even potential losses.
Conor RyderResearch analyst at Kaoiko said the liquidity crisis has been particularly evident in Bitcoin, where the closure of two key US-based banks has significantly reduced liquidity levels to 10-month lows. The same liquidity crisis is also affecting the decentralized finance (DeFi) sector.
Analyst Notes: Cryptanalyst Michael van de Poppe said he predicted Bitcoin would fall to $25,000, but the apex crypto resisted and made a significant correction to $26,200. He believes BTC will eventually reach $40,000. “Trading is not black and white, it is often grey. This push makes me believe that we will continue upwards.”
Cryptanalyst Justin Bennett had a snarky response to Balaji Srinivasan’s bold $1 million bet. He said, if Bitcoin were to lose $26,500 on holiday frames, then this would be the most obvious short entry point that the majority of crypto Twitter missed because they were promised $1 million in Bitcoin in just 90 days.
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