Major cryptocurrencies traded in the red Tuesday night as global crypto market capitalization fell nearly 1% to $1.02 trillion as of 9:09 p.m. EST.
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| coin | 24 hours | 7 days | Price: |
|---|---|---|---|
| Bitcoins (CRYPTO: BTC) | -1.2% | -4.5% | $22,215.02 |
| Ethereum (CRYPTO:ETH) | -0.6% | -3.1% | $1,564.55 |
| Dogecoin (CRYPTO:DOGE) | -2.5% | -9% | $0.07 |
| cryptocurrencies | % change in 24 hours (+/-) | Price: |
|---|---|---|
| Shiba BonesExchange | +11.6% | $1.73 |
| States (CFX) | +7.6% | $0.22 |
| ssv.network (SSV) | +4.4% | $41.38 |
See also: Buy bitcoin anonymously
Why is this important? The plunge in bitcoin and ethereum coincided with Tuesday's sell-off in stocks. At the time of writing, the futures contracts for the S&P 500 and Nasdaq were virtually unchanged.
Risk assets slipped into the red after Federal Reserve Chair Jerome Powell said persistently high inflation was causing problems.
"We've accomplished a lot and to this day we haven't felt the full effects of our savings. However, we have work to do," Powell told the Senate Banking, Housing and Urban Affairs Committee.
Powell noted that returning inflation to 2% is still a "long way off", and the road to achieving the goal will likely be "bumpy".
Edward Moya, senior market analyst at OANDA, said Powell indulged his risk appetite on his first day on Capitol Hill. "All major risk asset classes are under pressure on the first day of Fed Chair Powell's hearing."
“Bitcoin is falling but holding in the lower half of its main trading range. Risk appetite is very clear here and if this wave of risk aversion does not pass, cryptocurrencies could find themselves in trouble," said Moya.
Meanwhile, CNBC Mad Money host Jim Cramer tweeted: "How long will cryptocurrencies be trading on the NASDAQ and not Silvergate?"
Michael van de Popp noted that Grayscale Bitcoin Trust (OTC:GBTC) jumped 11% on Tuesday, beating its previous high in 2023. Crypto traders said, “People are anticipating a possible shadow victory to crack down on the SEC, leading to spot creation [ Bitcoin] ETF of the month."
Justin Bennett stated that the chances of a correction to Ethereum are increasing. "It looks like Ethereum is headed for a 15 percent correction," said the trader.
Featuring a chart of the second largest cryptocurrency, Bennett notes: "ETHUSD broke key trend line resistance at $1,720 extending from the September 2021 low. And while the market remains sideways, the chart below shows potentially significant traction."
Glassnode , an on-chain market research firm, has reported that 40,000 BTC, worth approximately $886.78 million in US government seizures, is being transferred.
"Most appear to be internal transfers (so far), but approximately $9,861 in BTC captured by Silk Road hackers has been sent to our Coinbase pool," Glassnode said.
Read more. Analysts Warn Crypto Markets to Sell After Bitcoin Crashes
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This Bitcoin, Ethereum, Dogecoin article took Powell by surprise.
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