⏳ Final hours! Save up to 60% OFF InvestingProCLAIM SALE

Bitcoin, Ethereum, and Dogecoin Trade Mixed As Investors Await Inflation Numbers: Analyst Shrugs Off King Crypto At $12K, Suggests 'Accumulate More If You Can'

Published 08/08/2023, 03:51
Updated 08/08/2023, 05:10
Bitcoin, Ethereum, and Dogecoin Trade Mixed As Investors Await Inflation Numbers: Analyst Shrugs Off King Crypto At $12K, Suggests 'Accumulate More If You Can'

Benzinga - Major coins traded mixed on Monday evening as the global cryptocurrency market cap declined 0.3% to $1.2 trillion at the time of writing.

Cryptocurrency Gains +/- Price (Recorded at 10:14 p.m. EDT)
Bitcoin (CRYPTO: BTC) +0.13% $29,128.82
Ethereum (CRYPTO: ETH) -0.73% $1,825.19
Dogecoin (CRYPTO: DOGE) -2.27% $0.073

What Happened: Bitcoin was seen trading marginally higher, while Ethereum was treading red at the time of publishing. The apex cryptocurrency lacked movement as it awaits regulatory clarity for a push beyond the sticky $30,000 level.

Top Gainers (24-Hours)

Cryptocurrency Gains +/- Price (Recorded at 10:14 p.m. EDT)
Bitcoin Cash (BCH) +6.59% $236.68
Hedera (HBAR) +3.81% $0.059
Optimism (OP) +3.08% $1.78

Analyst Takes: OANDA Senior Market Analyst Edward Moya noted that the key macro driver for this week would be the Consumer Price Inflation report which would most likely show "moderate price growth."

The CPI report is due on Aug. 13, according to the schedule put out by the U.S. Bureau of Labor Statistics.

"US economy is still recession bound. As we get the last batch of earnings, so far 84% of the companies in the S&P 500 have provided results, around 80% have delivered topped market expectations," wrote Moya, in a note, seen by Benzinga.

Cryptocurrency trader, Michaël van de Poppe, noted that this year the largest asset manager in the world, BlackRock Inc, applied for a Bitcoin ETF. He questioned those who think that Bitcoin was headed to the $12,000 level.

Even so, Van de Poppe acknowledged that it was a "boring time" when it came to price action. He said on X.com, formerly Twitter, "The time to sit on your hands, accumulate some more if you can, and just simply wait."

The Amsterdam-based trader said that people will be "bearish" in the first stage of the bull market.

"No need to evaluate everytime, as you’ll probably hear lots of bear / bull arguments."

Meanwhile, Kaiko Research, said in a note that there was no clear indication why traders were "swapping out" of Tether (USDT).

Source: Kaiko Research

"Tether just reported massive Q2 revenues. Tether’s CTO suggested that the selling could be foul play and closely timed with Binance’s listing of the new stablecoin FDUSD on July 26th, issued by Hong Kong-based First Digital. However, there is no evidence that these two events are linked," said the cryptocurrency market data provider.

On Monday, cryptocurrency analyst Ali said on X that Chainlink whales have purchased 14 million LINK over the past week, which is worth more than $100 million.

LINK prices rose 2.22% over 24 hours. So far this year, the token has shot up nearly 30%.

Photo Courtesy: Shutterstock.com

Read Next: Pro-XRP Lawyer Says He Expected Ripple Token To Break $1 After Court Ruling: ‘Until Bitcoin Breaks Its All-Time High…’

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.