Bitcoin and other major coins traded lower at press time on Monday evening, as the global cryptocurrency market cap decreased 1.95% to $1.85 trillion.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.9% | 3.35% | $41,000.22 |
| Ethereum (CRYPTO: ETH) | -2.3% | 11.3% | $2,859.57 |
| Dogecoin (CRYPTO: DOGE) | -1.6% | 5.4% | $0.12 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Bitcoin Gold (BTG) | +13% | $38.59 |
| Ethereum Classic (ETC) | +8.6% | $39.36 |
| Dash (DASH) | +8.6% | $115.12 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Federal Reserve Chair Jerome Powell said on Monday the U.S. central bank must “expeditiously” and more “aggressively” raise rates to prevent inflation from spiraling upwards, according to a Reuters report.
Powell said the labor market is very strong and inflation much too high.
Treasury yields spiked on Monday after his comments. The yields on the 10-year benchmark paper rose 13.4 basis points to 2.82%, which was higher than 2.25% before Powell began speaking, according to a separate Reuters report.
“Bitcoin is holding up nicely given the surge in Treasury yields after Fed Chair Powell told markets they could move quickly with interest rate increases,” said Edward Moya, an analyst with OANDA, in a note seen by Benzinga.
“Many crypto traders are nervous about how much money is on the exchanges, which could signal some investors are about to head to the sidelines. Bitcoin might struggle to push much higher from here, which means prices could be in for a rude awakening if the $40,000 level breaks.”
Cryptocurrency trader Michaël van de Poppe tweeted the $40,400 area was crucial for the apex coin and if that low is lost it could make its way down to $39,000 and have “further downwards momentum to look forward to.”
For #Bitcoin, I’m looking at the following levels.
Crucial to hold; $40.4K area.
If that low is lost, I’m assuming we’ll test $39K and have further downwards momentum to look forward to. pic.twitter.com/LdzKqq0Oqz
— Michaël van de Poppe (@CryptoMichNL) March 21, 2022
Financial market data and content platform Santiment said Ethereum was showing relative strength against Bitcoin. The second-largest coin by market cap saw a supply acceleration on exchanges in early February, but that trend has since reversed, and outflows continue. That should help alleviate selling pressure, according to Santiment.
Ethereum Supply On Exchanges — Courtesy Santiment
On the Ethereum-Bitcoin pair, cryptocurrency trader Justin Bennett expects 0.073 to be the next level. He tweeted that ETH-BTC is “ripping higher” again.
$ETHBTC ripping higher again today.
0.073 is likely next, IMO.
This is why I’ve favored $ETH longs over $BTC. https://t.co/mfg7fbpC2T pic.twitter.com/5eT7rcH3j6
— Justin Bennett (@JustinBennettFX) March 21, 2022
