Major coins traded mixed on Wednesday according to the blockchain research firm Arkham Intelligence denied playing a role in the flash crash that sent major cryptocurrencies crashing.
| Cryptocurrency | Gains (+/-) | Price (admission at 9:30pm EST) |
| Bitcoin (CRYPTO: BTC) | +2.13% | $28,919 |
| Ethereum (CRYPTO: ETH) | +2.05% | $1,906 |
| Dogecoin (CRYPTO: DOGE) | -0.52% | $0.079 |
What happened: According to the latest data from Coinglasstraders were hit hard with approx. $310 million in losses due to rapid liquidations in the last 24 hours.
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At the time of writing, the global crypto market capitalization was $1.20 trillion, an increase of 1.21% in the last day.
The US stock market experienced a mixed session as Big Tech earnings sparked excitement. While S&P 500 experienced a decline of 0.38%, the technology-driven Nasdaq Composite managed to get 0.47%.
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News Highlights: Bitcoin experienced a sharp decline of about 7% in an hour on Wednesday evening, plunging from $29,850 to $27,789.
Several reports have attributed this rapid drop to a faulty alert sent out by blockchain analytics company Arkham Intelligence. According to the reports, the alert falsely claimed that large amounts of Bitcoin were being transferred to wallets linked to Mt. Gox and the US government.
After initially acknowledging the bug and attributing it to a bugfix, Arkham Intelligence later tweeted that their alerts were accurate in this particular case.
Analyst Notes: “Bankuro has revitalized life back into crypto. Bitcoin is surging, as are all the major cryptos as bank stress supports the use of digital assets. Bitcoin still faces a ton of resistance, and this current rally is likely to struggle until we get a clearer regulatory framework for crypto, said Edward Moya, Senior market analyst at OANDA.
Macroeconomist Henrik Zeberg predicts that Bitcoin is poised to skyrocket this summer as worries about an impending recession gradually fade. Zeberg, who has a following of over 109,000 on Twitter, claims that with the royal crypt leading the way, risk assets such as cryptocurrencies are set to skyrocket in the coming months.
Based on Zeberg’s analysis, a “blow-off top” scenario is unfolding for both stocks and crypto, mainly spurred by a drop in interest rates. Zeberg is of the opinion that the market recovery will be driven by a significant decline in returns, while the economy will remain in the comfortable “Goldilocks zone”. Overall, the estimate is that risk assets such as Bitcoin will rise into the summer season.
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