Bitcoin, Ethereum, Dogecoin rise as stocks face bank anxiety again
Major coins were seen in the green on Thursday night as the global cryptocurrency market capitalization rose 3.2% to $1.2 trillion at the time of writing.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 3.4% | 12.7% | $28,231.12 |
| Ethereum ETH/USD | 4.3% | 8.3% | $1,811.60 |
| Dogecoin DOGE/USD | 4.35% | -6.9% | $0.08 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Mesh network (MASK) | +19.1% | $6.20 |
| Hyphen (HYphen) | +10.4% | $63.51 |
| Zcash (ZEC) | +10.3% | $38.24 |
See also: How to start your Bitcoin journey
Why it matters: Ethereum, the second largest coin by market capitalization, saw greater gains over 24 hours than Bitcoin at the time of writing.
Cryptocurrencies were up on a day when tech-heavy Nasdaq closed over 1% in the green. However, US stock futures were largely flat at the time of writing as equity investors shifted their attention back to the US banking crisis.
“The selling after the Fed came from [Janet Yellen’s] comment that they have not looked into backing up all bank deposits with FDIC insurance. This was bad news for the banks and fear of contagion,” said Edward Moyaa senior market analyst at OANDA.
Moya said, in a note seen by Benzinga, that Bitcoin needs a “fresh catalyst” to break above the $30,000 mark.
“Bitcoin is facing major resistance at the $30,000 level. The recent crypto rally has been fueled by bank runs that have caused many to become skeptical of traditional banking given all the vulnerabilities of deposit journeys.”
Jack Dorsey-led Block Inc SQ shares fell sharply the following Thursday Hindenburg Research released a bearish report on the Bitcoin-centric company. The short seller alleged that Block intentionally misled investors by disguising “predatory” loans and fees as technology.
Block called the report “misleading” and said it intends to cooperate with The Security and Exchange Commission and exploring legal action against Hindenburg for its “factually inaccurate and misleading” publication.
Michael van de Poppe said he wants to see a “range of $27,700″ for continuation. “If I lose, I’ll still be looking at $25,300-$25,800 long before [$40,000]”, said the Amsterdam-based trader.
On Ethereum, Justin Bennett said that “everything hangs” on $1,680, and he said this was “arguably the most important” level for Vitalik Buterin co-founded cryptocurrency.
On the Altcoin side, several large transactions “among the biggest of the year for their respective networks” have been noted by Santiment. The market intelligence platform said both Polygon (MATIC) and Fetch.ai (FET) has seen over $40 million worth of transactions on their network. Other Altcoins that have seen major whale movements include Decentralized country (MANA), DIA (DIA), Immutable (IMX), and The sandbox (SANDY).
Read next: ‘Bitcoin Standard’ Author Reacts After Top Economist Says ‘You Lose’ If You Hold Apex Crypto
