Bitcoin, Ethereum on the rise, Dogecoin falters – Because the market is far from expecting “wild bullish momentum” – Bitcoin

Bitcoin and Ethereum were trading higher late Monday as the global cryptocurrency market capitalization jumped 1.1% to $2 trillion.

Main currency price trend
Currency 24 hours 7 days the price
Bitcoin (CRYPT: BTC) 1.1% -2.9% $42605.73
Ethereum (CRYPT: ET) 1.7% -7.2% $2,925.53
Dogecoin (CRYPT: dog) -2.5% -12.2% $0.145
Top 24 hour earnings (data via CoinGecko)
Cryptocurrency Change within 24 hours (+/-) the price
Meena (Meena) + 12.2% $2.65
hydra (squid) +9.6% $0.25
expensive (additional) + 8.2% $0.305

See also: How to buy Bitcoin (BTC)

Because the material: The dollar index hit a two-week high on Monday as worries intensified over the Russian invasion of Ukraine. The index at one point hit 96.4410, its highest level since Feb. 1, according to Reuters Transfer.

Chairman of the St. Louis Federal Reserve Jim Pollard He reiterated his tough stance on Monday in an interview with CNBC.

“I think we need to load more planned accommodations than before,” Pollard said. “We were surprised by the upward trend in inflation.”

Bullard previously called for a full percentage point to raise interest rates at the US Federal Reserve’s next three policy meetings.

The benchmark 10-year Treasury yield rose 3.6 basis points to 1.988% on comments from Bullard, according to Reuters. Transfer.

Despite rising Treasury yields in a choppy trading session, things were more stable on the Bitcoin side.

“Bitcoin appears to be stabilizing, which is good news given the significant rise in Treasury yields,” he said. Edoardo Moiasenior market analyst at OANDA.

Bitcoin futures traders hedge against uncertainty. Glassnode said in a blog post that in all subsequent trading, the futures structure was flattened through March in line with the Federal Reserve’s planned interest rate hikes.

“This indicates clear uncertainty among investors regarding the broader economic impact of a tightening US dollar given previous decades of accommodative monetary policy,” Glasnod wrote.

“Futures to the end of 2022 are currently trading at a very modest 6% annual premium, indicating that the market is far from expecting a bullish rally anytime soon.”

Evidence of this risk removal can be seen in the increase in put options relative to call options, according to Glassnode.

Open Interest Bitcoin Options, Buy/Ask Ratio on Deribit Exchange – Courtesy of Glassnode Token

Meanwhile, with Ethereum below the $3,000 level, demand for transactions with this cryptocurrency has been relatively low and transaction fees have dropped to a minimum since July 28, 2021, Santiment noted.

Read the following: LeBron James, Larry David, and QR Codes: Star-studded Super Bowl cryptocurrency ads

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