Bitcoin and other major cryptocurrencies traded lower on the eve of St. Valentine’s Day as the global cryptocurrency market cap fell 2.2% to $2 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -0.85% | 0.75% | $42,099.24 |
| Ethereum ETH/USD | -2.4% | -4.5% | $2,870.20 |
| Dogecoin DOGE/USD | 2.5% | -4.3% | $0.15 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Theta Network (THETA) | +26.9% | $4.26 |
| Theta Fuel (TFUEL) | +9.3% | $0.225 |
| Celsius (CEL) | +5.8% | $3.42 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin and other major cryptocurrencies remained under pressure due to the crisis brewing in Ukraine and the high U.S. inflation numbers released last week.
The dollar index — a measure of the greenback’s strength against a basket of six international currencies — rose 0.27% to $96.04 on Friday after the United States said Russia had amassed troops on the Ukrainian border to launch an invasion, according to a Reuters report.
Cryptocurrency trader Justin Bennett said that he was waiting for the dollar index to flash an “engulfing pattern.” This is a pattern that is made up of a smaller green candlestick followed by a large red candlestick that overshadows the smaller candlestick. It signals a downtrend.
In a separate video, Bennett explained ± using a chart that tracked the movements of Bitcoin and the dollar index over time — that every time Bitcoin has topped out at the end of each bull cycle, the dollar index has bottomed.
On Friday, Ethereum’s Russian-Canadian co-founder Vitalik Buterin tweeted in Russian that an attack on Ukraine could “only harm Russia, Ukraine and humanity.”
Edward Moya, a senior market analyst with OANDA noted that Bitcoin falling down on Russia-Ukraine news was not an isolated event — the same downward movement was also mirrored in other risky assets.
On Friday, the S&P500 and Nasdaq closed 1.9% and 2.78% lower at 4,418.64 and 13,791.15.
“This is a minor setback in the cryptocurrency market rebound and should confirm the consolidation pattern that was forming,” said Moya in a note, seen by Benzinga.
Meanwhile, a key metric indicates that bitcoins are being held instead of being traded, which could be construed as bullish. Glassnode data shows that the amount of Bitcoin supply last active (1-year - 2-year) has reached a 14-month high of 3.02 million BTC.
Read Next: Bitcoin Breaks Above An Important Resistance Level And Rips: What's Next?
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