Bitcoin, Ethereum, Dogecoin Choppy, Rangebound — Crypto Excitement Shifts Here

Zinger Key Points
  • Bitcoin, Ethereum, Dogecoin trade in the red
  • Newly introduced legislation in U.S. Senate would treat major coins as commodities
  • Some altcoins decouple and are performing well - Santiment

Major cryptocurrencies reversed their upwards course Wednesday evening as the global cryptocurrency market cap shrank 1.8% to $1.2 trillion at press time.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -3.2% 1.5% $30,171.98
Ethereum ETH/USD -1.5% -1.3% $1,790.35
Dogecoin DOGE/USD -1.5% -1.75% $0.08
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Theta Network (THETA) +5.7% $1.31
Helium (HNT) +3.95% $10.69
FTX Token (FTT) +3.4% ​​$28.07

See Also: Best Crypto Debit Cards

Why It Matters: Cryptocurrencies and stocks continue to move in tandem, with Bitcoin and Ethereum price action remaining rangebound. 

At press time, stock futures traded flat, with the S&P 500 and Nasdaq futures up 0.08% and 0.03%, respectively. 

newly introduced legislation in the U.S. Senate would classify the two-largest coins by market cap as commodities and give the Commodities Futures Trading Commission powers to regulate them.

“Even though this bill has not passed yet, it is very promising as it would provide regulatory clarity, which many institutions are seeking before they invest in the space,” said Marcus Sotiriou, an analyst with GlobalBlock, a United Kingdom-based digital asset broker.

Commenting on Bitcoin’s price action, Sotiriou said it remained rangebound between $28,000 and $32,000.

The “$31,500-$32,000 remains a key level of resistance to overcome for sustained upside,” wrote Sotiriou, in a note seen by Benzinga.

Even though Bitcoin and Ethereum lack movement, there is plenty of action visible in so-called altcoins like Cardano (ADA), Chainlink (LINK), and Helium (HNT), said Santiment in a tweet. These coins have shown major decoupling and are performing well, said the market intelligence platform.

On-chain analyst Willy Woo said that Bitcoin is “attempting a bottom structure, which has not yet confirmed.” The analyst added that there is strong spot demand from hodlers, most likely institutions. 

“None of this matters if macro markets crap themselves. If that was off the table, this structure looks pretty good,” said Woo.

Woo said the bear market was being driven by futures market hedging to the dollar, and it was not the hodlers that were selling — rather they had been accumulating. The analyst said futures hedging has now subsided.

Cryptocurrency trader Justin Bennett tweeted, “A few markets have broken below critical support on the 4h timeframe. The next 24 hours could get bumpy again.’

Read Next: New Capitol Hill Legislation Would Make Crypto Payments Below This Amount Tax-Free

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