Bitcoin, Ethereum, Dogecoin Fall As Sell-Off Frenzy Lingers: Analyst Calls Apex Crypto-China Correlation 'Biggest Bullsh*t'

Major coins experienced another bout of selling pressure on Tuesday, as crypto markets were once again swept up in a sell-off frenzy. 

What Happened: Apex cryptocurrency Bitcoin BTC/USD was trading above $23,000. Ethereum ETH/USD was trading at $1,612. Dogecoin DOGE/USD is at $0.081, down 0.93% in the last 24 hours. 

CoinGlass data reveals that in the last 24 hours, 30,696 traders have been liquidated, resulting in a staggering $69.92 million in total liquidations.

At the time of writing, the global crypto market capitalization stood at $1.06 trillion, down 1.00% in the last 24 hours.

U.S. equities closed lower on the last day of February. The S&P 500 fell 0.3% and the Nasdaq Composite dipped 0.1%. However, both indexes are still up so far this year, with the S&P 500 having a positive return of 2.61% and the Nasdaq Composite a 1.11% gain. 

Traders might keep a close watch on the initial jobless claim numbers, expected to be released on Thursday, for crucial insight into the state of the economy. 

See More: Best Crypto Day Trading Strategies

News Highlights: Bored Ape Yacht Club (BAYC) creator Yuga Labs said on Monday that it is creating an NFT collection that will be minted on the Bitcoin-based Ordinals protocol.

Nishad Singh, former Engineering Director of FTX, agreed to plead guilty to criminal charges brought against him by U.S. prosecutors as part of an investigation into the activities of FTX founder Sam Bankman-Fried. Singh's guilty plea comes after an extensive investigation into suspicious activities carried out by members of Bankman-Fried's inner circle.

Analyst Notes: Pseudonymous trader DonAlt believes the markets are on the brink of a monumental moment as Bitcoin's monthly close approaches. The analyst says Bitcoin is about to break through the critical $23,100 resistance level, signaling that the 2023 rally is still underway.

“If we close above [monthly resistance], I could see a little bit of chop next month. But in general, I would expect [BTC to move] up again. So I’m going to be quite happy with my positioning.”

Crypto analyst Michaël van de Poppe said that the idea of Bitcoin being uncorrelated to the US and more correlated to China is "the biggest bullshit" he has heard this year. 

#Bitcoin being uncorrelated to the US and more correlated to China is the biggest bullshit I’ve heard this year.

— Michaël van de Poppe (@CryptoMichNL) February 28, 2023

Pseudonymous analyst Kaleo expressed the firm conviction that Bitcoin will soon reach a strong, all-time high of $30,000. However, he also noted that if lows from several days ago are swept, we may see a different trajectory for BTC.

#Bitcoin / $BTC

Alright, I feel convicted that I've been incredibly too one-sided recently for my LTF posts.

I fully believe $30K is a magnet, but I could also see this type of scenario play out along that path if the lows from several days ago are swept. pic.twitter.com/CWmq7WSMlL

— K A L E O (@CryptoKaleo) February 28, 2023

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