Major coins traded mixed on Tuesday evening, as investors weighed the dip in the hot job market coupled by the banking uncertainty.
| Cryptocurrency | Gains (+/-) | Price (Recorded 9:30 p.m. EST) |
| Bitcoin BTC/USD | +2.97% | $28,650 |
| Ethereum ETH/USD | +5.89% | $1,917 |
| Dogecoin DOGE/USD | -1.14% | $0.096 |
What Happened: Dogecoin DOGE/USD took a sharp dive on Tuesday night, while Bitcoin BTC/USD and Ethereum ETH/USD saw significant gains as cryptocurrency markets reacted to the latest U.S. employment figures.
Top Gainers (24 Hours)
| Cryptocurrency | Gains (+/-) | Price (Recorded 9:30 p.m. EST) |
| Icon | +48.23% | $0.46 |
| Lido DAO | +15.23% | $2.77 |
| Synthetix | +12.45% | $2.87 |
At the time of writing, the global crypto market capitalization stood at $1.21 trillion, an increase of 3.18% over the last day.
U.S. stocks tumbled as the S&P 500 shed 0.58%, and the Nasdaq Composite slipped 0.52%.
See More: Best Crypto Day Trading Strategies
News Highlights: Tether, the world’s largest stablecoin issuer, has taken its business offshore. According to Bloomberg, Tether used Signature Bank’s Signet payments platform to make a series of transfers of U.S. clients’ funds from the U.S. to Capital Union Bank in the Bahamas.
Analyst Notes: Analyst Michaël van de Poppe said that Bitcoin is continuing to consolidate between the $27,900 and $28,400 levels. If the $28,400 level is cracked, it could provide a jumpstart for Bitcoin to eventually climb to $30,000.
According to top crypto analyst Justin Bennett, Bitcoin’s current triangle pattern may soon lead to a potentially explosive price move in the coming days. With BTC trading at around $28,452 at the start of the quarter, this price level has acted as a critical resistance point over the past few weeks.
If Bitcoin is unable to break above $28,452 in the short-term, a bearish deviation (fakeout) could be on the horizon and drag the price lower. On the other hand, should the 4-hour triangle breakout to the upside, this would likely propel Bitcoin prices higher.
Pseudonymous analyst Kaleo believes that ETH has had a solid bounce relative to BTC in the past several days. However, they cautioned that this should be nothing more than a swing play opportunity, and any profits should be rotated back into BTC before $30,000 breaks and the ETH/BTC ratio trend reverses and turns bearish again.
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
© 2024 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.
