Cryptos Today: Bitcoin ‘struggles’ to hold $30,000; Ethereum breaks above $2,000 on altcoin bull day

After a few weeks of high volatility, Bitcoin (BTC) has been hovering around the $30,000 level for ten days now, as some other cryptocurrencies have also moved closer to certain levels.

This is the case of Ethereum (ETH), the second-largest cryptocurrency by market cap, which now tops just over $2,000. Among the big winners of this Monday (23) Solana (FLOOR) and Avalanche (AVAX), with gains of more than 5% each.

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“Bitcoin has managed to maintain the support levels found last week and has even attempted to break out of the range,” Joe DiPasquale, CEO of cryptocurrency fund manager BitBull Capital, told CoinDesk. “However, $31,000 to $32,000 remains a strong resistance level [que] Bitcoin must successfully breakout before we can look higher.

In recent weeks, the fearmongering of investors concerned about the Federal Reserve’s struggle to control inflation, the economic consequences of the war in Ukraine, as well as the increased risk of a recession in the United States, has taken over. in the market, which created strong risk aversion.

This scenario warned the exchanges but also the cryptocurrencies, which followed the performance of the American indices, in particular the S&P 500. Wall Street managed to close around stability on Friday after spending most of the day in the red, bringing some relief to the market. .

“Households everywhere are feeling the effects of higher prices,” First Republic Bank said in a note to investors, adding that “markets will remain under pressure with significant episodes of equity and bond volatility persisting as investors digest a change of regime towards a more rigid policy aimed at slowing inflation”.

  • Watch: Ex-JPMorgan Trader condemns Ethereum, shoots: ‘May not recover from next 90% drop’

According to the technical assessment, Bitcoin continues to struggle at the lower end of a 12-month range. The cryptocurrency may find support at $25,000 and $27,000, although there is a risk of further price declines.

BTC fell 4% on Friday and remained virtually flat for the past week, reflecting the choppy market scenario and no clear direction.

Momentum signals remain mixed despite oversold conditions on the charts. This suggests a bearish neutral outlook for the next few days.

Weaker support is seen at the 200-week moving average, which currently stands at $21,954. A break below this level would take it to a level of $17,673, which would represent a 74% drop from the all-time high of nearly $69,000 reached in November last year.

Check out the performance of major cryptocurrencies as of 7am:

cryptocurrency Price Change in the last 24 hours
bitcoin (BTC) $30,378.20 +1.54%
Ethereum (ETH) $2,064.89 +2.42%
Binance Coin (BNB) $327.91 +1.82%
XRP (XRP) $0.4225 +0.52%
Cardoon (ADA) $0.5492 +1.60%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Neo (NEO) $12.39 +16.03%
TerraUSD (UST) $0.07399 +15.26%
Ghost (MTF) $0.4964 +12.60%
eCash (XEC) $0.00005257 +11.50%
Convex Finance (CLC) $10.91 +11.40%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Ziliqah (ZIL) $0.05721 -7.10%
Kyber Network Crystal (KNC) US$2.46 -4.86%
XDC network (XDC) $0.04208 -3.28%
Nexus (LINK) $1.33 -1.45%
Network 1 inch (1 inch) $1.00 -0.57%

See how cryptocurrency ETFs closed in the last trading session:

ETFs Price Variation
NCI Hashdex (HASH11) R$25.11 -4.16%
BTCN Hashdex (BITH11) R$34.50 -0.83%
Ethereum hashdex (ETHE11) R$28.90 +0.76%
DeFi Hashdex (CHALLENGE11) R$21.55 -2.57%
Hashdex FI Smart Contract Platform (WEB311) R$24.70 +9.97%
Bitcoin QR (QBTC11) R$8.88 -3.79%
QR Ether (QETH11) R$7.01 -1.54%
QR-DeFi (QDFI11) R$4.03 +4.94%

See the top crypto market news for this Monday (23):

Former BitMEX CEO sentenced to 2 years on parole

Former BitMEX CEO Arthur Hayes was sentenced on Friday to two years probation, along with six months house arrest and whereabouts monitoring, by federal court in New York.

Hayes had pleaded guilty in February to willfully failing to implement an anti-money laundering program on the stock exchange.

Hayes, who lives in Singapore, will have 30 days to decide where in the United States he will serve his house arrest. After living in Asia for 14 years, Hayes recently bought a house in Miami, but his attorney said Friday he has no community in Florida and may want to serve his residency elsewhere.

“I deeply regret having participated in this criminal activity,” Hayes said. “My best years are ahead of me. …I am ready to turn the page and start over. I ask that you allow me to return home deeply repentant and able to begin the next chapter of my life.

BNP Paribas joins the blockchain of renda fixa do JPMorgan

French bank BNP Paribas has joined JPMorgan’s blockchain-based network for trading in the fixed income market, according to information from the Financial Times.

The Onyx Digital Assets Network uses tokens for short-term trading in fixed income markets, allowing investors to borrow assets for just a few hours without actually leaving their balance sheets.

Three quarters of transactions in the repo market – or “repo” – are backed by government bonds, which means that it is one of the most important sources of collateral for banks to fund their balance sheets.

Goldman Sachs had also previously used JPMorgan’s network for repo trading. Around $300 billion in intraday repurchase deals have been made on the Onyx network since its launch in 2020.

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