Bitcoin, Ethereum, Dogecoin Fall Amid Regulatory Jitters: Analyst Says 'Things Could Get Ugly Again' If Apex Crypto Rejects $23K

Zinger Key Points
  • The global crypto market capitalization fell 0.36% to $1.07 trillion
  • U.S. equities rose sharply on Monday, as traders looked ahead to another busy week of retail earnings
  • Coinbase announced that it will be suspending the trading of Binance USD.

Major coins traded in the red on Monday evening, following yet another turbulent week of macroeconomic uncertainty and ongoing fears of regulatory repercussions.

Cryptocurrency Gains (+/-) Price
Bitcoin -0.43% $23,406
Ethereum -0.52% $1,628
Dogecoin -0.04% $0.081

What Happened: Apex cryptocurrency Bitcoin BTC/USD was trading 0.4% lower, just above $23,000. Ethereum ETH/USD was trading at less than $1,700. Dogecoin DOGE/USD was trading marginally down at $0.081 in the last 24 hours. 

At the time of writing, the global crypto market capitalization stood at $1.07 trillion, down 0.36% in the last 24 hours.

U.S. equities rose sharply on Monday, as traders rebounded from the worst week of the year on Wall Street and looked ahead to another busy week of retail earnings. The S&P 500 was up 0.31% and the Nasdaq Composite rose 0.63%. The moves came as Treasury yields eased, following a jump on Friday after a hotter-than-expected reading from the Federal Reserve’s favorite inflation metric.

See More: Best Crypto Day Trading Strategies

The Solana SOL/USD blockchain is back online and fully operational. The network went down in the early hours of Saturday, causing transactions to not process as expected. After an attempt at restarting the network failed, engineers were able to successfully implement a second solution. 

More than 50 million Americans, representing 20% of the adult population, now own cryptocurrency, according to a recent survey commissioned by Coinbase COIN. In addition, the survey found that Americans feel the current global financial system is unfair, with 67% of respondents expressing the need for “major changes or a complete overhaul” in order to improve it.

Coinbase announced that it will be suspending the trading of Binance USD BUSD/USD, effective March 13, due to the stablecoin not meeting the company's listing standards. 

Analyst Notes: Crypto analyst Michaël van de Poppe said that if Bitcoin rejects the crucial $23,800 level, it would indicate another test of the support. He believes that if it reclaims $25,000, then long positions will be triggered.

Analyst Justin Bennett said that $23,000 remains a critical level of support for bulls. If that level is breached on the daily time frame, the outlook could turn bearish quickly. On the other hand, reclaiming the $23,800 level on the daily time frame could open up the possibility to reach the $25,200 highs.

Pseudonymous analyst Kaleo warned that Bitcoin Bears are using the current LTF pullback as an attempt to persuade investors that the market is heading lower. However, Kaleo believes this is only a routine breakout and retest before Bitcoin continues its climb higher. 

Read Next: Why Kevin O'Leary Of 'Shark Tank' Says Crypto Investments Are Floundering

Market News and Data brought to you by Benzinga APIs
Posted In: CryptocurrencyNewsTop StoriesMarketsMoversTrading IdeasBitcoindogecoinEthereum
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!