Bitcoin, Ethereum, And other major coins rose Thursday night as concerns over the bear market in stocks and the weaker dollar made Apex Coin more attractive. The global cryptocurrency market capitalization has risen 4.8% to $ 1.3 trillion.
| coin | 24hours | 7 days | price |
|---|---|---|---|
| Bitcoin BTC / USD | 5.4% | 4.8% | $ 30,304.18 |
| Ethereum ETH / USD | 5.3% | 3.1% | $ 2,018.07 |
| Dogecoin Doge / USD | 3.6% | 4.9% | $ 0.09 |
| Cryptocurrency | 24-hour rate of change (+/-) | price |
|---|---|---|
| Kyber Network Crystal V2 (KNC) | + 21.2% | $ 2.66 |
| Kadena (KDA) | + 16.4% | $ 2.67 |
| helium (HNT) | + 12% | $ 91.63 |
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What happened: The S & P 500 was nearly 19% below its all-time high in early 2022. The index is currently hovering near the area of the bear market. Many experts interpret a 20% drop below record highs as a bear market.
S & P 500 and Nasdaq futures traded 0.4% and 0.7% higher at press, respectively.
According to a Reuters report, the dollar index, a measure of greenback strength against the other six currencies, fell 0.05% to 103.74, with the US dime yield the lowest since late April at 2.772. It fell to.
OANDA Senior Market Analyst Edward Moya Investors have noted a “free fall” of the dollar when buying the Treasury because of concerns that the economy is heading for a “rough patch.”
“The weaker dollar and concerns about stocks in the bear market have made Bitcoin attractive again,” Moya said in a memo that Benzinga saw.
“Fallout from all stablecoin dramas that have significantly lowered cryptocurrencies seems to be finally declining. Bitcoin seems ready to integrate here, but prices are on the stock market. The Bulls should be happy to see that they are not imitating what is happening. “
Point to Bitcoin Relative strength indexRekt Capital tweeted Thursday, stating that the indicator is in “a period that has historically preceded a large return on investment for long-term investors.”
Cryptocurrency traders said previous reversals from this level were observed in January 2015, December 2018, and March 2020.
#BTC The RSI is currently entering a period that precedes a large return on investment for long-term investors.
Previous reversals from this area include January 2015, December 2018, and March 2020.
The bottom of all bear markets$ BTC # Cryptography #Bitcoin pic.twitter.com/jofNT7gnsT
— Rekt Capital (@rektcapital) May 19, 2022
Michael van de poppe The recent “severe crash” tweeted that there is a 20% to 25% potential bailout for the entire market. Analysts have set Bitcoin at a level of about $ 34,000 to $ 36,000.
Market capitalization #crypto It looks like it’s ready for an upward bailout, clearing the lows at $ 1.1T.
Due to the severe crash, there seems to be a 20-25% chance of bailout for the entire market here.
Probably put #Bitcoin About $ 34-36K. pic.twitter.com/rge5JM1Nlu
—Michaëlvan de Poppe (@CryptoMichNL) May 19, 2022
There is another story in the futures market. Bitcoin’s put / call ratio reached its 12-month high and open interest reached its 12-month high of 0.72 this week. According to Delphi Digital, this is a bearish indicator.
BTC Put / Call Ratio to Open Interest and Volume — Provided by: Delphi Digital
An on-chain analyst said the put / call ratio reached 0.96 before Bitcoin’s price exceeded 50% in May 2021.
Put / Call is a measure of the put purchase amount for a call. A high percentage means that investors are guessing whether Bitcoin will continue to sell out or may point to investors who are hedging their portfolio against the recession.
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