Bitcoin and other major coins cooled off Tuesday night after a spike seen in their prices earlier in the week.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.6% | 13.6% | $44,056.13 |
| Ethereum ETH/USD | -0.7% | 11.5% | $3,113.53 |
| Dogecoin DOGE/USD | -2.9% | 11.14% | $0.16 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| UNUS SED LEO (LEO) | +54.9% | $7.49 |
| IoTeX (IOTX) | +22.1% | $0.11 |
| Kadena (KDA) | +16.8% | $9 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Bitcoin prices took a tumble earlier when the U.S. Department of Justice seized $4.5 billion worth of cryptocurrency stolen during the 2016 Bitfinex hack. A husband-wife pair was arrested in connection with the incident in Manhattan on Tuesday morning.
In Tuesday’s intraday trading, Bitcoin touched a high of $45,293.87, while Ethereum rose to $3,219.47. At press time, the two coins were down 2.73% and 3.29% respectively from those levels.
Macroeconomic factors, which took a backseat on Monday, were back in force on Tuesday in determining the trajectory of Bitcoin. The U.S. unit strengthened as the dollar index — a measure of the dollar’s strength against six of its peers — rose 0.2%, according to a Reuters report.
“The Bitcoin rally is taking a break as exhaustion settles along with profit-taking as rising rates send the dollar higher,” said Edward Moya, a senior analyst at OANDA.
The analyst said while Bitcoin has had a “nice rebound” as it bottomed out near the $33,000 level, the $46,000 to $48,000 range “will prove to be significant resistance."
“Bitcoin may start to consolidate between the $40,000 and $45,000 level until the US inflation report later this week,” said Moya, in a note seen by Benzinga.
Amsterdam-based cryptocurrency trader Michaël van de Poppe says Bitcoin faces a “crucial resistance” different from the one it saw in September 2021.
Meanwhile “Mega whales” of Bitcoin have increased their stashes significantly in the past 7 weeks. Addresses with 1,000 BTC or more have added a combined 220,000 BTC or $9.72 billion to their combined wallets since Dec. 23, as per Santiment, a cryptocurrency data feed for investors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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