Bitcoin, Ethereum, Dogecoin Stabilize — But Why Is The Pace Of Crypto Recovery Slow?
Benzinga
Published May 11, 2022 02:29
Updated May 11, 2022 03:10
Bitcoin, Ethereum, Dogecoin Stabilize — But Why Is The Pace Of Crypto Recovery Slow?
Bitcoin and Ethereum were in the green at press time, with the apex coin trading above the key $30,000 psychological level, as the global cryptocurrency market cap rose 3.4% to $1.4 trillion.
| Bitcoin (CRYPTO: BTC) | 3.65% | -17.4% | $31,201.94 |
| Ethereum (CRYPTO: ETH) | 6.6% | -15.1% | $2,363.61 |
| Dogecoin (CRYPTO: DOGE) | 5.4% | -16.7% | $0.11 |
| Maker (MKR) | +16.3% | $1,219.88 |
| Flow (FLOW) | +15.7% | 3.88 |
| Shiba Inu (SHIB) | +18.3% | $0.000016 |
Cryptocurrencies rallied as stock futures traded in positive territory at press time as investors awaited key inflation data. S&P 500 and Nasdaq futures were up 0.25% and 1%, respectively.
April Consumer Price Index numbers are expected on Wednesday morning. Economists expect CPI to rise by 8.1% in the month, a fall from the 8.5% growth registered in March.
“The rebound in the Nasdaq was welcome news for Bitcoin investors, but Wall Street won’t feel fully confident in piling back into equities until the Fed and ECB can signal they have inflation under control,” said OANDA Senior Market Analyst Edward Moya, in a note seen by Benzinga.
The apex coin faces short-term resistance at $32,500 and then at the $35,000 mark. On the other end, it will try to hold $30,000 with $28,500 proving major support, according to Moya.
Cryptocurrency investment firm Digital Currency Group CEO Barry Silbert tweeted Tuesday he would rather own “bitcoin than anything else in this market.”
I'd rather own bitcoin than anything else in this marketSilbert also said he has a “newfound appreciation for the boringness of bitcoin.”— Barry Silbert (@BarrySilbert) May 9, 2022
I have a newfound appreciation for the boringness of bitcoinCryptocurrency trader Michaël van de Poppe said the unrestored peg on TerraUSD (UST) and upcoming inflation data is probably why Bitcoin "isn't bouncing back faster.” The trader said he sees new lows happening.— Barry Silbert (@BarrySilbert) May 11, 2022
This is the outlook for #Bitcoin.Justin Bennett said the “relative strength” of Ethereum against Bitcoin has caught some off guard. The analyst said a retest of the failed 0.08 area on the ETH-BTC could take place before more downside.The fact that the peg on $UST is still not restored + the CPI data tomorrow is probably the combination of why #Bitcoin isn't bouncing back faster.
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Losing $31K and I'm seeing new lows happening. pic.twitter.com/iThgyuqm5g
— Michaël van de Poppe (@CryptoMichNL) May 10, 2022
The $ETH relative strength against $BTC has caught some off guard.Read Next: Long-Time Bitcoin Bear Offers $1,000 To Every Retweeter If His Prediction Of BTC Hitting $10K In 2022 Goes WrongThis could be a retest of the failed 0.08 area before more downside.
Many will confuse this with a bullish ascending triangle.
It isn't one IMO.#Bitcoin #Ethereum pic.twitter.com/vcGfVjjv57
— Justin Bennett (@JustinBennettFX) May 10, 2022
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