Bitcoin and Ethereum were in the green at press time, with the coin trading at the top above the key psychological $30,000 level, as the global cryptocurrency market capitalization rose 3.4% to reach $1.4 trillion.
|Piece of money||24 hours||7 days||Price|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|shiba inus (SHIB)||+18.3%||$0.000016|
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Cryptocurrencies rallied as equity futures traded in positive territory at press time as investors awaited key inflation data. S&P 500 and Nasdaq futures rose 0.25% and 1% respectively.
April consumer price index figures are due Wednesday morning. Economists expect the CPI to rise 8.1% in the month, down from the 8.5% growth recorded in March.
“The Nasdaq rebound was good news for bitcoin investors, but Wall Street won’t feel fully confident about reinvesting in stocks until the Fed and ECB can signal they’ve got inflation under control” , said OANDA Senior Market Analyst. Edouard Moyain a note seen by Benzinga.
The apex coin faces short-term resistance at $32,500 and then at $35,000. On the other end, it will try to hold $30,000 with $28,500 proving major support, according to Moya.
Cryptocurrency investment company Group of digital currencies CEO Barry Silvert tweeted on Tuesday that he would rather own “bitcoin than anything else in this market.”
I’d rather own bitcoin than anything else in this market
— Barry Silbert (@BarrySilbert) May 9, 2022
Silbert also said he had a “new appreciation for bitcoin boredom.”
I have a new appreciation for bitcoin boredom
— Barry Silbert (@BarrySilbert) May 11, 2022
Trader in cryptocurrency Michael van de Poppe says the unrestored ankle on TerraUSD (UST) and upcoming inflation data likely explain why Bitcoin is “not bouncing faster.” The trader said he was seeing new lows occurring.
It is the prospect of #Bitcoins.
This puts some risk on the price action.
I lose $31,000 and see new lows. pic.twitter.com/iThgyuqm5g
— Michael van de Poppe (@CryptoMichNL) May 10, 2022
Justin Bennett said Ethereum’s “relative strength” against Bitcoin caught some off guard. The analyst said that a retest of the 0.08 fault zone on ETH-BTC could take place ahead of further downside.
This could be a retest of the 0.08 failure zone before further declines.
Many will confuse this with a bullish ascending triangle.
— Justin Bennett (@JustinBennettFX) May 10, 2022
Read more : Longtime Bitcoin bear offers $1,000 to each retweeter if its prediction that BTC will hit $10,000 in 2022 is wrong