February 28, 2024

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‘Crypto Is Dead’ Calls Exaggerated, Say Analyst Like Bitcoin (BTC) and Ethereum (ETH) Together

'Crypto Is Dead' Calls Exaggerated, Say Analyst Like Bitcoin (BTC) and Ethereum (ETH) Together

Most of the major currencies were trading lower on Thursday evening as the global cryptocurrency market cap fell 1.2% to $1.06 trillion at the time of writing.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar -1.8% -4.9% USD 22668.99
Ethereum ETH / USD -2.2% -6.4% 1,611.71 USD
Dogecoin DOGE / USD 0.5% -2.6% 0.07 dollars

Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
flow (flow + 38.6% $2.63
Trust the wallet token (TWT) + 11.6% $1.16
1 inch mesh (1 inch) + 7.3% $0.84

See also: Best interest rates on the US dollar

why does it matter: Risky assets are not aligned with Bitcoin And the Ethereum Walking red, stock futures were in the green. S&P 500 and Nasdaq futures are up 0.2% and 0.3%, respectively, at press time.

Edward MoyaWhile Bitcoin’s correlation with stocks remains intact, digital assets have underperformed in the past few sessions, said a senior market analyst at OANDA.

Moya wrote in a note: “The surge along with Fed rate hike expectations has limited how far bitcoin can go up at the moment, but as long as traders remain confident that peak Treasury yields remain, bitcoin may have reached already down to the bottom.” Benzinga.

However, Moya is confident about the cryptocurrency as a whole. “Calls that cryptocurrency is dead have been exaggerated. Indeed, cryptocurrencies are alive and well.”

The analyst’s optimism was based on Coinbase Global Inc Currency Announcing a Partnership with Black stone It would allow the latter’s investment management platform to have direct access to cryptocurrencies.

Meanwhile, the 10-year Treasury yield fell 5.3 basis points to 2.696% on Thursday. The gap between 2-year and 10-year Treasury yields closed 35.7 basis points lower, hitting its lowest reversal since 2000, mentioned Reuters. According to Moya, stocks have largely ignored this reversal.

Delphi Digital He noted in a note that historical data shows that when the Fed funds rate is above neutral interest rates, “recessions tend to occur.”

Neutrality on prices means that any further rate increase by the US Federal Reserve will translate into restrictive measures.

The difference between the fed funds rate vs. Neutral Rate and Inflation – Courtesy of Delphi Digital

“Economic factors such as the market capitalization of the stock market to GDP, consumer sentiment and its relationship to unemployment, and declining GDP, suggest that the current market movement is the rise of a bear market,” said the independent research shop.

Cryptocurrency Dealer Justin Bennett He said the total market capitalization could reach $1.15 trillion if he regains $1.05 trillion.

read the following: Coinbase asks Supreme Court to stop user lawsuits related to Dogecoin and scammers

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