Benzinga - Major coins traded mixed on Thursday as investors weighed the impact of U.S. and European central bank interest rates.
| Cryptocurrency | Gains +/- | Price (Recorded 9:30 p.m. EST) |
| Bitcoin (CRYPTO: BTC) | +0.76% | $28,285 |
| Ethereum (CRYPTO: ETH) | -0.17% | $1,898 |
| Dogecoin (CRYPTO: DOGE) | -0.75% | $0.078 |
What Happened: At the time of writing, the global cryptocurrency market capitalization stood at $1.20 trillion, an increase of 0.13% over the last day.
The U.S. stock markets faced a tough day as the S&P 500, Wall Street’s primary equity index, finished 0.7% lower on Thursday, and the Nasdaq Composite, which predominantly comprises tech companies, slipped 0.4%.
With the upcoming release of Friday’s U.S. employment numbers, there is a heightened interest on how it will affect the price of cryptocurrency.
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Analyst Notes: “Bitcoin isn't seeing the same amount of flows as it did early during all the banking drama with SVB. It is getting very ugly for financials and that should spell trouble for the broader economy. Bitcoin is higher on the day, but struggling to make a move above the $30,000 level. Bitcoin appears anchored until it gets regulatory clarity,” said Edward Moya, senior market analyst at OANDA.
Crypto trader Michael van de Poppe suggests that the latest rate hike by the Fed will be its last.
In terms of Bitcoin, the bulls and the bears are both finding reasons to support their views, leaving the price stuck in a range.
However, Van de Poppe believes that if Bitcoin breaks above the $29,200 threshold and confirms the move through a retest, it could trigger new highs. Interestingly, Van de Poppe suggests that the failure of banking institutions can be a positive sign for BTC.
#Bitcoin is pretty much stuck in between. Bulls are happy, bears are happy and finding arguments.I would say that a break above $29.2K and definite confirmation through a retest, that' my trigger for new highs.
Banks failing, how hard it may sound, is actually bullish for… pic.twitter.com/hu4vWqQxZa
— Michaël van de Poppe (@CryptoMichNL) May 4, 2023
Seasoned crypto trader Alex Kruger has a bullish outlook on Bitcoin, forecasting a new yearly high amid the ongoing collapse of U.S. banks. Kruger, with a large following of over 153,500 on Twitter, predicts that BTC will surge to new heights in May 2023.
“New BTC highs coming in May. Hope you are ready for it,” he exclaims.
"Year highs.
People [are] too bearish.
Small banks rekt (wrecked).
Negative correlation with banks paper is not a fluke."
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