Bitcoin, Ethereum, Dogecoin Rise As Equities Face Banking Anxiety Again: Analyst Plots Key Level For Apex Crypto 'Continuation'

Major coins were seen in the green on Thursday evening as the global cryptocurrency market cap rose 3.2% to $1.2 trillion at the time of writing.

See Also: How To Start Your Bitcoin Journey 

Why It Matters: Ethereum, the second-largest coin by market cap, saw larger gains over 24 hours than Bitcoin at the time of writing. 

Cryptocurrencies were buoyant on a day when the tech-heavy Nasdaq closed over 1% in the green. However, at the time of writing, U.S. stock futures were largely flat as equity investors shifted their attention back to the U.S. banking crisis.

“The post-Fed selloff came from [Janet Yellen’s] comment that they haven’t looked at backing all bank deposits with FDIC insurance. This was bad news for the banks and contagion fears,” said Edward Moya, a senior market analyst with OANDA.

Moya said, in a note seen by Benzinga, that Bitcoin needs a “fresh catalyst” to break above the $30,000 mark.

“Bitcoin is facing major resistance at the $30,000 level. The recent crypto rally has been fueled by bank runs that have led many to become skeptical of traditional banking given all the vulnerabilities with deposit flights.”

Jack Dorsey-led Block Inc SQ shares fell heavily on Thursday after Hindenburg Research put out a bearish report on the Bitcoin-centric company. The short seller alleged that Block intentionally misled investors by disguising “predatory” loans and fees as technology.

Block called the report “misleading” and said it intends to work with the Securities and Exchange Commission and explore legal action against Hindenburg for its “factually inaccurate and misleading” publication.

Michaël van de Poppe said that he would like to see an “area at $27,700” hold for continuation. “If lost, then I'd still be looking at $25,300-25,800 for longs before [$40,000],” said the Amsterdam-based trader.

On Ethereum, Justin Bennett said that “everything hinges” on $1,680 and he said that this was “arguably the most significant” level for the Vitalik Buterin co-founded cryptocurrency. 

On the Altcoin side, several large transactions “among the biggest of the year for their respective networks” have been noted by Santiment. The market intelligence platform said that both Polygon (MATIC) and Fetch.ai (FET) have seen a transaction valued at over $40 million on their networks. Other Altcoins that have seen large whale moves include Decentraland (MANA), DIA (DIA), Immutable (IMX), and The Sandbox (SAND).

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