Major cryptocurrencies traded lower on Tuesday evening, with the global cryptocurrency market capitalization falling 0.2% to $805.9 billion as of 7:14 p.m. EST.
|Piece of money||24 hours||7 days||Price|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|To flow (TO FLOW)||+7.4%||$0.72|
See also: Best trading platforms to invest in Altcoin
Why is it important: Bitcoin and Ethereum were in the red just as equity futures fell slightly on Tuesday evening.
Risky assets didn’t have the best start to 2023, with the S&P 500 and Nasdaq ending Tuesday down 0.4% and 0.8% respectively.
Later this week, investors will await the release by the Federal Reserve of the minutes of its last policy meeting. Also due are job postings and labor turnover survey figures and ISM manufacturing data.
Bitcoin marked its ‘anniversary’ on Tuesday as 14 years have passed since the cryptocurrency’s first block was mined by its pseudonymous creator. Satoshi Nakamoto.
Cryptocurrencies, including Bitcoin, are still not out of the woods, according to Edouard Moyasenior market analyst at OANDA.
“It’s still a tough time for crypto as everyone is waiting to see what the next crypto company to fail is. Regulation is taking its time but guidelines should start to take hold this year. A US regulator from foreground issued a joint warning on crypto activities, which did not contain any new risks,” Moya said, in a note seen by Benzinga.
“Bitcoin seems entrenched but it’s still unclear when we’ll test and possibly create a new bottom.”
The joint statement, to which Moya refers, was issued by the Federal Reserve, Federal Deposit Insurance Corporationand the Office of the Comptroller of the Currency.
The statement said: “It is important that risks in the crypto-asset industry that cannot be mitigated or controlled do not migrate to the banking system.” He further stated, “Agencies will continue to closely monitor banks’ crypto-asset related exposures.
Michael van de Poppe tweeted that Ethereum needs to rebound from current levels or “otherwise things get painful.”
The analyst said in a separate tweet that “crucial levels are approaching” for the second-largest cryptocurrency.
“if these are lost, [the] the structure is lost and $1,165 and under are on the cards,” Van De Poppe said.
Santiment noted that traders were “aggressively selling” altcoins on Tuesday and some assets may be primed for short selloffs.
Some of the candidates the market intelligence platform identified for ‘small breakouts’ included Solana (FLOOR), DigiByte (DGB), kava (KAVA), and ZCash (zech).
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