Major coins traded in the red on Thursday, as the global market cap went down 1.75% reaching $1.04 trillion, recorded at 8:30 p.m. EST.
Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
Bitcoin | -2.34% | $22,681 |
Ethereum | -3.46% | $1,567 |
Dogecoin | -1.69% | $0.085 |
What Happened: The largest cryptocurrency by market value, Bitcoin (CRYPTO: BTC), fell over 2% to under $23,000. Ethereum (CRYPTO: ETH) was changing hands at $1,567, down 3.4%. Dogecoin (CRYPTO: DOGE) was down 1.69% in the last 24 hours, trading at $0.085.
U.S. equities soared, as investors digested the most recent GDP report and its positive implications for the economy. The tech-heavy Nasdaq Composite rose 1.7%, the S&P 500 gained 1.1%, and the Dow Jones Industrial Average was up 0.6%.
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"Bitcoin pared losses as soft-landing hopes returned following better-than-expected U.S. GDP data. Bitcoin still looks poised to consolidate here until next week's FOMC decision. One notable crypto story was a fine given to Coinbase by the Dutch Central Bank. The central bank's penalty is for offering crypto products prior to their registration. This $3.6 million fine is a slap on the wrist but another reminder that a global crackdown on crypto continues," said Edward Moya, a senior market analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Michaël van de Poppe said "we'll all be laughing" at current BTC and ETH prices in just a few short years. In the shorter term, he is keeping a close watch on the $1,450-$1,600 range for Ethereum,
As for BTC, the analyst says he's not interested in longs at Bitcoin's current price levels.
Fun thing is, in a few years from now we'll be laughing at the current valuations.#Bitcoin at $200K or more, #Ethereum being adopted everywhere.
We're on the start of such a massive cycle.— Michaël van de Poppe (@CryptoMichNL) January 26, 2023
Poppe said that altcoins Fantom (CRYPTO: FTM) and Polygon (CRYPTO: MATIC) are currently blasting off. "FTM and MATIC going through the roof."
Crypto analyst Justin Bennett said that Bitcoin is currently sitting at its all-time high trend line.
