Bitcoin, Ethereum, Dogecoin Slump Again — Will ‘Supply Shock’ Drive The Next Crypto Rally? – Bitcoin – United States Dollar ($BTC)

Major coins were subdued over the weekend and traded in the red on Sunday, with the global cryptocurrency market cap falling 2.3% to $1.7 trillion.  

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) -2% -0.8% $38,123.69
Ethereum (CRYPTO: ETH) -1.5% -0.4% $2,534.38
Dogecoin (CRYPTO: DOGE) -3.05% -7.1% $0.11
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
The Graph (GRT) +3.5% $0.33
THORChain (THOR) +2.9% $6.57
Zcash (ZEC) +2.6% ​​$154.74

See Also: How To Buy Bitcoin (BTC)

Why It Matters:  International Monetary Fund Managing Director Kristalina Georgieva said on Saturday that Russia may default on its debts due to global sanctions, adding that a default would not trigger a financial crisis around the world for now, according to a Reuters report

Meanwhile, Ukraine is calling for direct talks between President Volodymyr Zelenskiy and his Russian counterpart Vladimir Putin. On Friday, Putin said there had been some “positive shifts” in talks between the two countries. The next round of talks between Russia and Ukraine is due Monday, as per a separate Reuters report

Equities traded higher at press time compared with cryptocurrencies. S&P 500 Futures and Nasdaq futures were both up 0.7% at 4,220.25 and 13,383.25, respectively, at press time. Oil and gold futures were lower. 

Over the weekend, a comparison of top assets by market cap indicates that BitcoinRipple and Binance Coin are showing signs of “traders expecting price rises.” 

Trader sentiment is negative on Polkadot, as per a tweet from Santiment, a financial market data and content platform. 

Illiquid Supply Shock Ratio, a metric developed by the analyst Will Clemente, has risen higher recently, as per on-chain analysis firm Glassnode. Illiquid Bitcoin supply refers to coins in wallets with little history of spending. This supply is now 3.2 times larger than Liquid and Highly Liquid supply combined.

Glassnode founders Jan & Yann tweeted that the increasing illiquid Bitcoin supply coupled with decreasing liquid supply means there are “fewer coins available to meet demand.”

Read Next: Why ‘Rich Dad, Poor Dad’ Author Is Calling Janet Yellen The ‘Queen Of Bitcoin’

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