The “Terrible” Beginning of 2022 for Bitcoin, Ethereum and Dogecoin | Benzinga Spain

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Bitcoin (CRYPTO: BTC) was trading unchanged Sunday night as the global cryptocurrency market capitalization fell 1.2% to $ 1.9 trillion.

What has happened

The apex coin was up 0.1% to $ 41,778.88 in 24 hours. BTC is down 11.45% over a seven-day tracking period.

Ethereum (CRYPTO: ETH) was up 1.4% to $ 3,149.96 over 24 hours. During the week, the second-largest coin by market capitalization slumped 17.4%.

Dogecoin (CRYPTO: DOGE) fell 0.6% to $ 0.15. Cryptocurrency meme it’s down 13% in a seven-day period.

Shiba Inu (SHIB) advanced 1.35% to $ 0.000028 in 24 hours. DOGE’s rival cryptocurrency has lost 16.6% for the week.

The coins that benefited the most in 24 hours were Chainlink (LINK), THE ONE ON THE LION (LEO) e Internet Computer, according to data from CoinMarketCap.

LINK soared 7.8% to $ 27.89, LEO was up 7% to $ 3.84 and ICP gained 6.4% to settle at $ 33.78 over the same period.

Because it is important

The economist and trader Alex Kruger claimed in a Twitter thread Sunday that the US Federal Reserve, which had been adding $ 120 billion a month through quantitative easing since the “coronavirus crisis,” would now need to phase out more than $ 50 billion a month.

If it made a reduction of $ 80 billion, the central bank would go from injecting an additional $ 120 billion into the economy to withdrawing $ 200 billion a month. This would negatively affect cryptocurrencies, as they are “the furthest end of the risk curve.”

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El “Fear & Greed Index” de Alternative it reached 10 points over the weekend, its lowest level since July 21. At press time, the index that measures fear and greed in values ​​from 0 to 100 showed “Extreme Fear” and was at 23 points.

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Crypto Fear & Greed Index Movement – Courtesy of Alternative

Edward Moya, Senior Market Analyst at OANDA, expressed that cryptocurrencies have had a “terrible start to the year”, due to the “growing diversification towards other products such as NFTs.”

“Bitcoin is still vulnerable to breaking above the $ 40,000 level and things could get ugly for Ether if it breaks the $ 3,000 level. The long-term forecast is still bullish for the two main cryptocurrencies, but the short-term forecasts look ugly, ”as the analyst noted in an emailed note.

Bitcoin’s percentage of unspent transaction outflows (UTXO) in profit (7-day moving average) has dropped to a 17-month low of 83.9%, according to data from Glassnode. The UTXO indicates the number of coins left after executing a trade (while higher percentages indicate market highs, lower values ​​could indicate lows).

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UTXO Percent in Profit (7-Day Moving Average) – Courtesy of Glassnode

On the other hand, the Ethereum co-founder’s comment, Vitalik Buterin, that the project not ready for mass adoption in its current form, it sparked the currency’s recent downtrend, according to OANDA’s Moya.

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The “Terrible” Beginning of 2022 for Bitcoin, Ethereum and Dogecoin | Benzinga Spain

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