Bitcoin, Ethereum and Dogecoin plunge

Cryptocurrencies affected by geopolitical tensions in Ukraine and fears of possible rate hikes

0.8% to $2 trillion.

Price performance of major tokens
Currency 24 hours 7 days Price
Bitcoin (Cryptocurrency: BTC) -7.8% -5.6% 40,567.94 yuan
Ethereum (Crypto: ETH) -8.2% -4.8% $2,886.69
Dogecoin Governor

-1.3% -6.15% $0.15
Top winners over a 24-hour period (CoinMarketCap data)
Percentage change (+/-) price of cryptocurrencies over a 24-hour period
Rally (RLY) +12.2% $0.34
DASH (DASH) +7.9% $116,260
Link (Link) +6.6% $2.26
because it matters
There were a number of factors that contributed to the cryptocurrency’s decline on Thursday. Geopolitical tensions on the border with Ukraine resurfaced, while the release of Federal Open Market Committee (FOMC) minutes refocused attention on a potential rate hike.

The S&P 500 and Nasdaq closed down 2.12% and 2.88% at $4,380.26 and $13,716.72, respectively, on Thursday.

President Joe Biden is scheduled to issue an executive order related to cryptocurrency regulation next week. According to Yahoo Finance, the executive order is expected to direct institutional research into cryptocurrencies and central bank digital currencies.

Edward Moya, senior market analyst at OANDA, noted that “Wall Street has entered a full-blown de-risking mode, and Bitcoin is paying the price.”

“Bitcoin is the ultimate risk asset and the invasion of Ukraine will keep selling pressure on the cryptocurrency at another 10-15% in the near term,” analysts said in a note seen by Benzinga.

Citing news of Biden’s upcoming executive order, Moya said the uncertainty over slogans is “a short-term negative for cryptocurrencies, but the overall long-term growth of cryptocurrencies will benefit from U.S. regulation.”

Moya’s colleague Craig Erlam said in a report that $45,500 is the “major resistance level” for the apex token.

“A breakout of this level could be very positive for Bitcoin,” Erlam commented.

Crypto trader Justin Bennett tweeted: “Everyone is bearish on support again, right?”

So everyone is bearish on support again, right? $BTC weekly time frame: PIC.TWITTER.COM/NSFGZLIJSP

— Justin Bennett (@JUSTINBENNETTFX) February 17, 2022

The analyst, who goes by the pseudonym Kaleo, urged caution on Twitter. “It would be foolish not to be cautious on this point,” he said.

Bitcoin/$BTC

As much as I hope last week’s optimism plays out, it would be foolish not to be cautious here.

This structure has signaled a local top several times since the beginning of the bearish trend in early November.

If the low breaks, look for 37.5 (HTF diagnostic retest) PIC.TWITTER.COM/OYIDBKP1X9

— KALEO (@CRYPTOKALEO) February 17, 2022

In a recent report, Delphi Digital said that Bitcoin’s hash rate (the total computing power used to mine and process network transactions) has skyrocketed.​

BTC Hash Rate (TH/s) – Courtesy of Delphi Digital

Since the hash rate dropped after China imposed a mining ban last year, it has rebounded and reached 248 million baht/sec this week. This is the highest level he has ever been to. The U.S. now accounts for the majority of the global BTC hash rate at 35.4 percent as of August 2021, according to data from the cryptocurrency research firm.

“This means that the number of miners continues to grow even though some of them have left China. This growth may be the result of miners stopping relocating their farms from China to other countries and restarting operations,” Delphi Digital wrote. .

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