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Bitcoin, Ethereum, Dogecoin Keep Head Above Water: Why Crypto Could Face More Pain From Stocks In Week Ahead

Stock Markets May 23, 2022 03:10
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© Reuters. Bitcoin, Ethereum, Dogecoin Keep Head Above Water: Why Crypto Could Face More Pain From Stocks In Week Ahead

Bitcoin and Ethereum traded just a little above key psychological levels on Sunday evening, as the global cryptocurrency market cap rose 3% to $1.3 trillion.

Price Performance Of Major Coins Coin 24-hour 7-day Price
Bitcoin (CRYPTO: BTC) 2.7% -2.65% $30,247.14
Ethereum (CRYPTO: ETH) 3.2% -4% $2,040.33
Dogecoin (CRYPTO: DOGE) 1.7% 5.95% $0.09
Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price
IoTeX (IOTX) +17.5% $0.044
TerraUSD (UST) +14.5% $0.065
Convex Finance (CVX) +11.3% ​​$10.64
See Also: How To Get Free NFTs

Why It Matters: The weekend saw the two largest cryptocurrencies by market capitalization post marginal gains, but Bitcoin and Ethereum are still struggling near the $30,000 and 2,000 levels, respectively.

Cryptocurrencies continue to track stock markets, particularly the S&P 500, which slipped into bear territory on Friday. At press time, futures in the S&P 500 and Nasdaq were up 1% and 1.25%, respectively.

Investors will keep an eye out for a slew of earnings from the retail sector in the week ahead, following lackluster results from Target Corp (NYSE: NYSE:TGT) last week.

Investors can expect some choppiness flowing into the cryptocurrency side due to volatility in equities.

“The S&P 500 has lost over 20% of its value from the January high, and it seems that technical selling will only accelerate,” said Edward Moya, a senior market analyst with OANDA.

“Bitcoin remains a risky asset and headed lower after the S&P 500 fell into bear market territory,” wrote Moya in a note, seen by Benzinga.

Glassnode co-founders Yann & Jann tweeted that Bitcoin is trading like the “most sensitive” S&P500 sectors. They noted that the S&P 500 and Nasdaq could be heading into an eighth straight weekly loss.

Cryptocurrency investor sentiment remains bleak as Alternative.me’s “Crypto Fear & Greed Index” flashed “Extreme Fear” at press time. Last week, the index indicated “Extreme Fear” as well.

Cryptocurrency trader Michaël van de Poppe noted Bitcoin’s price action over the weekend and said the apex coin had a “great breakout” at the $29,300 area, which led to a run towards $30,200, which acted as a resistance. He expects “consolidation now.”

Separately, Van de Poppe said on Twitter (NYSE:TWTR) that the “Coming week will be massive.”

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

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Bitcoin, Ethereum, Dogecoin Keep Head Above Water: Why Crypto Could Face More Pain From Stocks In Week Ahead
 

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