Bearish sentiment kept the major coins low on Monday evening as the global cryptocurrency market capitalization declined 1.05% to $1.15 trillion.
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Bitcoin And Ethereum Shares fell at press time as the S&P 500 and Nasdaq futures fell flat and slipped marginally into negative territory, shedding the day’s gains.
Sentiment in the stock market was affected by weak economic data from China. Industrial production in July stood at 3.8 per cent, lower than the estimate of 5 per cent. In an unexpected move, China’s central bank cut interest rates by 10 basis points.
“The overnight economic data from China was very disappointing, take it lightly. With the borrowing data on Friday, it doesn’t paint a good picture of the outlook for domestic demand or growth.” Craig ErlamA senior market analyst at OANDA.
“Bitcoin has tested the waters above $25,000 and has been pushed back on the first attempt. The cryptocurrency, like many other instruments, appears to be testing a potentially significant barrier following the recent recovery And we can take some advantage,” Erlam wrote in a note seen by Benzinga.
However, there is a silver lining. GlobalBlock Analyzer Marcus Sotirio noted data from bank of america Which indicates that consumer spending in the United States is not declining.
“This is shown by online retail spending that is still positive year over year, with spending on leisure services rising and average account balances significantly elevated relative to 2019.”
“If we look at debt service payments as a percentage of personal disposable income, which is significantly below the levels of the dot com bubble, the global financial crash, and 2020, we can see that consumers are in a healthy position,” Sotirio wrote.
Investors will take stock of US retail sales on Friday. Minutes of the most recent meeting of the Federal Open Market Committee will be released on Wednesday.
cryptocurrency trader Justin Bennett Said said he is treading cautiously with cryptocurrencies as he tracks the dollar index, a measure of the greenback’s strength against a basket of six currencies.
It retrieved that February channel on Monday.
If this happens, expect riskier assets to come under pressure. https://t.co/otCWuXJkUa pic.twitter.com/3N6MJJfwKI
— Justin Bennett (@JustinBennettFX) 15 August 2022
The dollar index was up 0.02% at 106.57 at press time. Bennett added that if it holds the 106.5 level, he expects “risk assets to come under pressure.”
During this, Michael van de Poppe Bitcoin is “consolidating a bit” after a good run last week amid profit-taking. “The mentality of the bear is still important,” he said. The crypto trader pointed to $23,800 and $23,000 as key levels when it comes to going long.
#bitcoin Consolidating a little bit, as we have done pretty well in the last one week.
Very common; Nothing goes up in a straight line.
Taking profit, because the bear mentality is still important.
Providing opportunities for people to jump to HL.
Long view $23.8K and $23K pic.twitter.com/lfqPqMmKft
— Michael van de Pope (@CryptoMichNL) 15 August 2022
On-chain analytics firm Glassnode said in a recent blog post that there has been a “significant transfer of money in recent months” in the supply of bitcoin.
Whereas the Long-Term Holder (LTH) has seen a “slight decline” following a drop in supply Terra Classic (LUNC), it remains limited.
Total supply of bitcoin held by LTH – Courtesy Glassnode
This points to the expense implied by a sub-set rather than a widespread loss of trust, according to Glassnode.
On the other hand, short term holders are experiencing the gap between BTC and dollar denominated money.
STH, 30-Day Status Change — Courtesy Glassnode
“This is indicative of a pool of buyers who have moved lower, and now hold some [300,000 BTC]Achieved on a very low cost basis,” Glassnode wrote.
Read further: Is Bitcoin ready to reclaim the critical $25,000 psychological level? what to see here