The two largest coins traded in the red on Sunday evening as the global cryptocurrency market capitalization fell 1.05% to $1.08 trillion at press time.
| Piece of money | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -1.6% | 3.3% | $23,314.77 |
| Ethereum ETH/USD | -1.2% | 5.1% | $1,678.08 |
| Dogecoin DOGE/USD | -1.9% | 1.45% | $0.07 |
| Cryptocurrency | % change over 24 hours (+/-) | Price |
|---|---|---|
| filecoin (PINK) | +25.1% | $9.94 |
| internet computer (PKI) | +9.5% | $9.03 |
| Arweave (RA) | +6.2% | $15.58 |
See also: Best USDC Interest Rates
Why is this important: Cryptocurrencies, which have been buoyant over the weekend, appear to be running out of steam heading into another week of trading.
Bitcoin hit a high of $24,572.58 over the weekend and has since contracted 5.1% from those levels.
Cryptocurrencies continue to be aligned with stocks. S&P and Nasdaq futures were down 0.4% each at press time. Heading into another week of trading, investors will be keeping tabs on a slew of earnings data and the Bureau of Labor Statistics’ nonfarm payrolls report.
Cryptocurrency investors should keep an eye on the S&P 500, where the area below 4,200 will be ‘critical’, trader says Justin Bennet.
Bennett pointed to the correlation between Bitcoin and S&P500 and said that if there was a selloff on the index, the apex coin was “likely to follow” even if it takes a day or two to do so.
Why #crypto bulls need to be careful next week.
Watch today’s video at the link below and don’t forget to subscribe. $BTC #Bitcoins $ETH https://t.co/a5x06hmYo9
— Justin Bennett (@JustinBennettFX) July 29, 2022
United States Federal Reserve has room for more aggressive hikes as personal income and spending data remain strong, noted Edouard Moyasenior market analyst at OANDA.
“A few other inflation and jobs reports will dictate the Fed’s data-dependent behavior after the summer,” Moya said, in a note seen by Benzinga.
Even so, there are indications that cryptocurrencies could shake off the “winter” mindset and prepare for a continued summer relief rally, he added.
“The ‘crypto winter’ may be over and that is what is needed to allow flows to return to space,” Moya said.
Michael van de Poppe noted the movement of so-called altcoins which he said were “exploding left and right.”
The cryptocurrency trader said short positions were “stopped out or liquidated.” He said, “It’s the relief of summer!”
#Altcoins burst left and right.
The moment they break their range, they begin to accelerate quite rapidly;
– Stopped or liquidated short positions.
– Breaking buyers.Position yourself well, more #altcoins will follow.
It’s the relief of summer!
— Michael van de Poppe (@CryptoMichNL) July 30, 2022
Alternative.Me’s “Crypto Fear & Greed Index” investor sentiment indicator showed “Fear” heading into the new trading week. The index was at 33 at press time, while last week it was at 30 – a value of 0 means “Extreme Fear” and 100 means “Extreme Greed”.
Pioneer of decentralized finance Yearn.Finance’s (YRN) breached the $10,000 barrier for the first time since May 16 as the DeFi asset decoupled from other altcoins, Santiment said.
#YearFinancethe price of bounced above $10,000 for the first time since May 16 as the #Challenge the asset has decoupled from #altcoin pack. Keep an eye out for addresses holding $1 million or more in $YFIbecause their assets have diminished. https://t.co/YJsG2GI4oL pic.twitter.com/djmoIgnJB3
— Santiment (@santimentfeed) July 29, 2022
The market news platform tweeted: “Keep an eye out for addresses holding $1m or more in $YFI as there have been declines in their holdings.
Read more : Here’s Why Bitcoin Could Explode Higher If This Trend Holds
picture by leksiv on Shutterstock