Bitcoin, Ethereum Move Higher, Dogecoin Flounders – Why Market Is Far From Expecting ‘Wild Bullish Impulse’ – Bitcoin – US Dollar ($BTC)

Bitcoin and Ethereum traded higher on Monday evening as the global cryptocurrency market cap rose 1.1% to $2 trillion.

Major currency price performance
Currency 24 hours 7 days the price
Bitcoin (CRYPTO: BTC) 1.1% -2.9% $42605.73
Ethereum (CRYPTO: ETH) 1.7% -7.2% USD 2,925.53
Dogecoin (CRYPTO: dog) -2.5% -12.2% $0.145
Top 24 Hour Gainers (data via CoinGecko)
Cryptocurrency Change by 24 hours (+/-) the price
Meena (Meena) + 12.2% $2.65
hydra (squid) + 9.6% $0.25
expensive (extra) + 8.2% 0.305 USD

See also: How to buy Bitcoin (BTC)

why does it matter: The dollar index rose to a two-week high on Monday as concerns escalated over the Russian invasion of Ukraine. The index at one point touched 96.4410, the highest level since February 1, according to Reuters Transfer.

Federal Reserve Chairman of St. Louis Jim Pollard He reiterated his tough stance On Monday, in an interview with CNBC.

“I think we need to load more accommodations planned than we previously did,” Pollard said. “We were surprised by the upward trend in inflation.”

Bullard had previously called for a full percentage point to raise interest rates during the US Federal Reserve’s next three policy meetings.

The yield on the benchmark 10-year Treasury rose 3.6 basis points to 1.988% after Bullard’s comments, according to Reuters. Transfer.

Despite the rise in Treasury yields in a choppy trading session, things have been more stable on the Bitcoin side.

“Bitcoin appears to be stabilizing, which is good news given how significantly higher Treasury yields are,” he said. Edward Moyaa senior market analyst at OANDA.

Bitcoin futures traders are protecting themselves against uncertainty. Glassnode said in a blog post that across all of the exchanges they track, the futures structure has been flattened through March, matching expected interest rate increases by the Federal Reserve.

“This indicates clear uncertainty among investors regarding the broader economic impact of a US dollar tightening, given previous decades of loose monetary policy,” Glasnod wrote.

“Futures through the end of 2022 are currently trading at a very modest annual premium of 6%, which indicates that the market is far from expecting a runaway bullish rally anytime soon.”

Evidence for this risk removal can be seen in the increase in put options compared to call options, according to Glassnode.

Open Interest Bitcoin Options, Buy/Sell Ratio on Deribit Exchange – Glassnode Token Courtesy

Meanwhile, with Ethereum below the $3,000 level, demand for transactions with this cryptocurrency has been relatively muted and transaction fees have dropped to their lowest since July 28, 2021, Santiment noted.

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