Crypto Is Lifeless Calls Overdone, Analyst Says Bitcoin (BTC), Ethereum (ETH) Sticking Collectively

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

Price Indicators for Major Coins
Coin 24 hours 7 days Price
Bitcoin BTC/USD -1.8% -4.9% $22,668.99
Ethereum ETH/USD -2.2% -6.4% $1,611.71
Dogecoin DOGE / USD 0.5% -2.6% $0.07
Best 24-Hour Gains (data via CoinMarketCap)
Cryptocurrency 24 hour % change (+/-) 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 USDC Interest Rates

Why it matters: At press time, the risk assets had not been aligned with Bitcoin and Ethereum turned red and stock futures were green. S&P 500 and Nasdaq futures were up 0.2% and 0.3%, respectively, at press time.

Edward Moyasenior market analyst at OANDA, said that while Bitcoin’s correlation with equities remains unchanged, the digital asset has underperformed over the past few sessions.

“The increase in Fed interest rate hikes has limited how much Bitcoin can go up right now, but as long as traders remain confident that the peak in Treasury yields remains, Bitcoin may already have bottomed,” Moya wrote. Gasoline.

But Moya is bullish on cryptocurrencies as a whole. “The call that cryptocurrency is dead has been overblown. In fact, cryptocurrencies are alive and well.

The analyst’s optimism was justified Coinbase Global Inc COIN announcing the partnership with Black stone which would allow the latter’s investment management platform to directly access cryptocurrencies.

Meanwhile, the 10-year Treasury yield fell 5.3 basis points to 2.696% on Thursday. The spread between two-year and 10-year Treasury yields fell 35.7 basis points to the lowest inversion since 2000. reported Reuters. According to Moya, stocks have largely ignored this inversion.

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

Interest rate neutrality means that any further interest rate hikes by the US Federal Reserve will translate into restrictive action.

Fed funds rate spread vs. Neutral Rate Ad Inflation – Courtesy of Delphi Digital

“Economic factors such as the stock market cap relative to GDP, consumer sentiment and its relationship to unemployment and falling GDP suggest that the current market movement is a bear market rally,” the independent research boutique said.

Cryptocurrency trader Justin Bennett said the total market cap could reach the $1.15 trillion mark if it recovers to the $1.05 trillion level.

Read on: Coinbase is asking the Supreme Court to halt consumer lawsuits involving Dogecoin and scammers

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