Major coins traded in the red on Monday, as the global market cap went down 3.68% to $1.04 trillion, as of 8: 30 p.m. EST.
What happens to the largest criptocurrency by market value, Bitcoin BTCUSD, trading below $23,000. In the last 24 hours, ETHUSD was trading hands at $1,566, down 4.46%.
Doge coin DOGE USD went up 1.50% in the last 24 hours, pushing its price up to $0.091. This surge came after a Financial Times report that Elon Musk wants Twitter's payment system to accept cryptocurrencies.
U.S. stocks fell on Monday as traders watched the Federal Reserve's decision on interest rates and looked at fourth quarter earnings reports from tech companies such as Apple APPL and Meta Inc META. The tech-heavy Nasdaq Composite fell 1.9%, while the S&P 500 and the Dow Jones Industrial Average DJIA fell 1.3% and 0.7%, respectively.
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Analysts note that inflation risks are cooling quickly, which was a very impressive month for criptocurrency. Wall Street is defensive ahead of this week's major risk events, which is why the price of virtual currency is declining. The Fed is poised to downshift its pace again, but they could argue that they will keep rates higher for longer and not caveat at the first chance to cut rates. Inflation risks need to go away for cryptocurrencies to have any underlying support, given all the regulatory and contagion fears. If risk aversion is in place, downward momentum might not find significant support until the $21,000 region, according to Edward Moya, senior analyst at OANDA.
Rekt Capital warned that there is a risk of Bitcoin developing a lower high and so far a small rejection has occurred. If the apex coin is able to Monthly close above $23,400, then this Lower High will likely not act as a strong point of rejection.
Mark Yusko, founder and CIO of Morgan Creek, believes that the new bull market could be starting as the 2024 halving approaches. He believes that the halving cycle could be a key factor in shifting the trend in BTC s favor.
We went from $18,000 to $15,000 and then back to $18,000. We made the perfect cup and handle pattern, but spring is interesting, think about the four-year cycle, spring is flat. Spring is flat, spring is flat, spring is flat, but there is a lot of volatility. I think the summer starts in April-May, usually nine months ahead of the halving, that is when things are going to get fun. What is Elon Musk Still Not Lovin' It? A Year Later, Mum's Still The Word On MrBeast Burger's Doge coin Deal.