Zinger Key Points
- Cryptocurrencies drop as investors grapple with possible rate hikes
- Bitcoin ROI rising as the apex coin dips, according to one trader
- Ethereum victim of FUD, says market data platform Santiment
- Join Nic Chahine live on Wednesday, March 19, at 6 PM ET for a step-by-step breakdown of how to to capitalize on post-Fed volatility and manage risk in this fast-moving market. Register for this free strategy session today.
Bitcoin and Ethereum traded sharply lower on Monday evening as the global cryptocurrency market cap fell 5.9% to $1.8 trillion at press time.
Coin | 24-hour | 7-day | Price |
---|---|---|---|
Bitcoin BTC/USD | -5.95% | -14.8% | $39,703.97 |
Ethereum ETH/USD | -6.7% | -15% | $2,989.47 |
Dogecoin DOGE/USD | -9.6% | -9.2% | $0.135 |
Top Gainers Over 24 Hours
Cryptocurrency | 24-Hour % Change (+/-) | Price |
---|---|---|
NEAR Protocol (NEAR) | 16.1% | $17.24 |
Mina (MINA) | +12.1% | $3.47 |
Ethereum Classic (ETC) | +10.75% | $43.61 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Both Bitcoin and Ethereum slipped below psychologically important levels. The apex cryptocurrency traded below the $40,000 mark, while Ethereum was below $3,000 at press time.
The yield on the benchmark 10-year U.S. Treasury bonds touched 2.793%, its highest level in more than three years, as investors awaited inflation data. The yield was also on track to rise for the seventh straight day, according to a Reuters report.
“Bitcoin is under pressure as the bond market selloff resumed, prompting a widespread selling of risky assets,” said Edward Moya, a senior market analyst with OANDA.
“Bitcoin is struggling here as rising rates are leading to a de-risking moment for many traders. With no momentum from the Bitcoin 2022 conference, the focus shifts to inflation, and expectations are for a very hot report that will probably be the peak."
An April Reuters poll of 100 economists forecasts two half-point rate rises in 2022, which will be the first such move by the U.S. Federal Reserve since 1994. A majority of those polled expect a 50 basis points hike in May. Similarly, a 50 bps rate hike is also expected in June, according to a separate Reuters report.
Amsterdam-based cryptocurrency trader Michaël van de Poppe said the correction in markets was bad. “But one thing I know for sure, investing into [Bitcoin] in terms of [Return on Investment or ROI] is increasing heavily the more it dips," he added on Twitter.
The markets are correcting and that's bad.
— Michaël van de Poppe (@CryptoMichNL) April 11, 2022
The markets aren't going up in one-go.
But one thing I know for sure, investing into #Bitcoin in terms of ROI is increasing heavily the more it dips.
It grants you a massive opportunity.
Bitcoin hodlers, investors who buy and hold irrespective of price, are acumulating at discount and are buying their coins from short-term holders who are panicking, said Glassnode co-founders Jan & Yann.
#BTC supply and demand dynamics
— Negentropic (@Negentropic_) April 11, 2022
HODLers accumulate at a discount, buying off panicking short-term holders. pic.twitter.com/VHMGt5Mez2
On the Ethereum side, there’s a lot of bearishness, according to market data platform Santiment. This is taking place amid falling market caps after a price resurgence in March.
Ethereum has seen a ton of "[Fear, Uncertainty, and Doubt or FUD] even prior to its price rally, and #buythedip opportunities may arise,” tweeted Santiment.
There is a whole lot of #bearishness circulating in #crypto circles as market caps continue to drop following the incredible March. #Ethereum, in particular, has seen a ton of #FUD even prior to its price rally, and #buythedip opportunities may arise. https://t.co/9qQHZoFCVY pic.twitter.com/nJ2SnSunW2
— Santiment (@santimentfeed) April 11, 2022
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.