Bitcoin and Ethereum were little changed over 24 hours leading up to Thursday night as the global cryptocurrency market cap rose 1.05% to $2 trillion.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|NEAR Protocol (NEAR)||16.1%||$17.24|
|Ethereum Classic (ETC)||+10.75%||$43.61|
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Among risk assets, equities made a favorable comeback with investors on Thursday, as the S&P 500 and Nasdaq gained 0.4% and 0.06%, respectively.
The U.S. Federal Reserve’s hawkish turn pushed the yield on 10-year Treasury notes to a three-year high and the dollar to a near two-year high. The yield on the 10-year paper rose 3.8 basis points to 2.647% on Thursday. The dollar index rose to 99.823, the highest since May 2020, according to a report from Reuters.
On the cryptocurrency side, investor sentiment remains weak. Alternative.me’s “Crypto Fear & Greed Index” flashed “Fear” at press time, while the index showed “Neutral” last week.
However, the apex coin could struggle in the near future, according to Edward Moya, a senior market analyst with OANDA.
“Bitcoin has held up nicely given the recent bond market selloff, but it could struggle if that move continues. Bitcoin’s long-term outlook remains bullish but if risk aversion runs wild, it could be vulnerable to a drop towards the $38,000 level,” said Moya, in a note seen by Benzinga.
The apex coin is at an “important breaker,” said cryptocurrency trader Michaël van de Poppe on Thursday. Should it fail to hold on, it could see a test around the $36,000 level, he said.
#Bitcoin couldn’t hold the level at $44.7K and started to drop south, which we expected after losing that recent low.
Currently at an important breaker. If we hold this, all good, seems ready for another leg to $57K.
If we don’t, then I’m seeing a test around $36K. pic.twitter.com/dFsxKtOcT5
— Michaël van de Poppe (@CryptoMichNL) April 7, 2022
Despite the suppressed prices, Bitcoin whale transactions have not taken a hit. Cryptocurrency data feed Santiment said it saw the largest spike in whale transactions in April on Thursday: 1,146 BTC moves valued at $100,000 or more.
With #Bitcoin‘s price still suppressed after dropping 7.4% this week, we’ve seen the largest spike in whale transactions so far in April. Between 4pm & 5pm UTC today, there were 1,146 $BTC moves valued at $100k or more, and prices have inched up since. https://t.co/gHlO6I2qyo pic.twitter.com/xWZJfNDfhe
— Santiment (@santimentfeed) April 7, 2022
Selling pressure on BTC is fading, according to Glassnode co-founders Jan & Yann, who tweeted Bitcoin’s illiquid supply has been on the rise for the past 214 days and is surpassing the 2020 accumulation.
#Bitcoin ‘s illiquid supply has been increasing for the past 214 days. Surpassing the 2020 accumulation.#BTC selling pressure is fading. See for yourself
— Negentropic (@Negentropic_) April 6, 2022