Major coins were trading in the red late on Sunday as the global cryptocurrency market cap fell 0.9% to $1 trillion.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.3% | -5% | $21,765.19 |
| Ethereum (CRYPTO: ETH) | -1.4% | -7% | $1,570.81 |
| Dogecoin (CRYPTO: DOGE) | -0.7% | -11% | $0.08 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Render the token (RNDR) | +11.9% | $1.60 |
| Stacks (STX) | +12.8% | $0.325 |
| Internet computer (ICP) | +7.4% | $5.60 |
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What happened: Both Bitcoin and Ethereum was lower at the time of writing along with other risk assets as both the S&P and Nasdaq futures flashed red.
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Last week, risk assets came under pressure after the Federal Reserve chief Jerome Powell said interest rates could rise more if inflation does not abate.
“If we continue to get, say, strong labor market reports or higher inflation reports, it may well be the case that we’ve done more and raised prices more than what’s priced in,” Powell said, CNBC reported.
“Risk aversion appears to be in place and may continue if next week’s inflation report is hot. Investors could call up bets on how high the Fed will have to take interest rates, and that could support a broad move downward for all risky assets, especially crypto,” said Edward Moyaa senior market analyst with OANDA on Friday.
Alternative.me’s “Crypto Fear & Greed Index” which flashed “Greed” last week showed “Neutral” at the time of writing, indicating a decline in investor sentiment.
Cryptocurrency trader Michael van de Poppe noted the flurry of data awaiting investors in the recent trading week, including the CPI figures on Tuesday and the retail sales and PPI figures on Wednesday and Friday respectively.
“My thoughts are that we will probably see inflation continue to fall and fall sharply,” Van de Poppe said, pointing to lower gas prices.
Big week ahead.
– CPI on Tuesday.
– Retail and Empire State on Wednesday.
– PPI on Friday.My thoughts are that we are likely to see inflation continue to fall and fall sharply.
Gas prices have also dropped like a stone, and this drop -> is going up.
— Michaël van de Poppe (@CryptoMichNL) 12 February 2023
ONE CryptoQuant analyst said the Bitcoin chart has revealed a “unique pattern” last seen in 2019, 2015 and 2012, after which the apex coin “underwent a long-term uptrend.”
The Bitcoin chart has revealed a unique pattern
“This pattern was last seen in 2019, 2015 and 2012, and then #Bitcoin underwent a long-term upward trend.”
of @GrizzlyBTCloverLinkhttps://t.co/REtEScr6vK
— CryptoQuant.com (@cryptoquant_com) 12 February 2023
The analyst who goes by the username “Grizzly” said the pattern was seen on the 200-day moving average and realized price on the long-term Bitcoin chart.
“The formation of a long-term bottom is typically predicted by the overlap/crossing of the 200-day moving average from the peak to the realized price,” the analyst said.
However, the analyst cautioned that it remains to be seen whether Bitcoin can decouple from other risky assets such as stocks, acting as a “store of value in times of inflation.”
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