The two largest cryptocurrencies, Bitcoin and Ethereum, are trading down 3 and nearly 4% today, respectively, against a nearly 2.3% sell-off on the Nasdaq 100. Investors were spooked by weaker-than-forecast US macro data released today, which may raise concerns around the recession and the 'timing' of Fed monetary easing.
- Contrary to the expectations of some investors, bitcoin failed to gain on the wave of a weakening dollar and falling US bond yields, which today settled at 3.97%, losing nearly 13 basis points from yesterday's close.
- As a result, today we are seeing a retreat from risky assets, which include cryptocurrencies. Gold is doing slightly better, although even there the rebound in contracts has been halted at the level of $2460 per ounce.
- Bitcoin is testing $62,800, and Ethereum has settled below $3100. The debut of ETFs failed to permanently improve sentiment around ETH, with some altcoins including EOS and the 'meme' Apecoin posting double-digit declines today.
Bitcoin (D1 interval)
Source: xStation5
