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Bitcoin, Ethereum, Dogecoin Brush Away US Rate Hike Concerns: Is There Still A Factor Weighing Them Down?

Stock Markets Mar 23, 2022 02:10
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© Reuters. Bitcoin, Ethereum, Dogecoin Brush Away US Rate Hike Concerns: Is There Still A Factor Weighing Them Down?

Most major coins were trading in the green on Tuesday evening at press time, with the global cryptocurrency market cap rising 4.5% to $1.9 trillion.

Price Performance Of Major Coins Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) 3.5% 7.8% $42,379.75
Ethereum (CRYPTO: ETH) 1.6% 12.16% $2,970.15
Dogecoin (CRYPTO: DOGE) 3% 9% $0.12
Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price
Dash (DASH) +13.75% $130.62
Algorand (ALGO) +11.75% $0.83
ApeCoin (APE) +11.4% ​​$11.36
See Also: How To Buy Bitcoin (BTC)

Why It Matters: Yields on U.S. benchmark 10-year Treasury bonds rose to 2.38% on Tuesday, which is the highest level since 2019, according to a report from Reuters.

As of Tuesday, the market is pricing in a 72.2% probability that the U.S. Federal Reserve will raise the fed fund rate 50 basis points in its May meeting. On Monday, this number stood at a little over 50%, according to Reuters.

U.S. equities markets closed higher on Tuesday. The S&P 500 was up 1.13% at 4,511.61, while the Nasdaq ended the day 1.95% higher at 14,108.82. At press time, U.S. futures traded largely flat.

Cryptocurrency bears remained frustrated on Tuesday as the market was buoyant alongside equities.

The buy-side demand for Bitcoin appears to be driven by the United States and the European Union markets, while the majority of sell-side pressure originates during Asian trading hours, according to a note from Delphi Digital.

The geographical story has remained consistent from 2020 to 2022. Currently, Europe is providing the largest bid support, as per Delphi Digital. Conversely, Asia has sustained a heavy sell-side dominance since December 2021.

Bitcoin US/EU Month-Over-Month Price Change — Courtesy Delphi Digital

Bitcoin Asia Month-Over-Month Price Change — Courtesy Delphi Digital

Cryptocurrency investor Lark Davis tweeted that the price of Bitcoin has now been under the 200-day moving average for longer than the big correction seen in 2021.

Edward Moya, a senior market analyst with OANDA, said in an emailed note that Bitcoin lacks the catalysts to break beyond the $45,000 barrier.

“Bitcoin is once again nearing the upper boundaries of its $37,000 to $45,000 zone, but still doesn’t have a clear catalyst to break it."

Read Next: Bitcoin Lookalikes Are Soaring This Week: What's Going On?

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Bitcoin, Ethereum, Dogecoin Brush Away US Rate Hike Concerns: Is There Still A Factor Weighing Them Down?
 

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