Crypto Mid-Week Sell-off: Will Assets Recover?
Crypto assets are down today with some assets losing weekly gains amid macroeconomic signals hovering around investor sentiments. A glance at cryptocurrency price charts shows daily losses for most top assets and memecoins.
Market leader Bitcoin (BTC) is down 2.55% sliding weekly gains to 3.46% while Ethereum (ETH) is down 3.5% today and up 4.8% the week. Trading volumes for these top assets have plunged in the last 24 hours signaling reduced activity and reduced sentiments.
Bitcoin recovered strong from its previous sell-off after regaining $70,000 leading to anticipation about a pre-halving price run. BTC currently trades at $68,789 below the resistance level with bulls projecting a rise. However short traders feel the asset would not perform like previous halving based on its ETF inflows and other factors.
Altcoins In Liquidation Boat
On the other hand, Ethereum surged above $3,500 in its latest recovery and traded above that point. At press time, ETH exchanged hands for $3,520 although its trading volumes plummeted 14% today. Wealth managers and traders still project a bullish run for Ethereum because of its staking feature and anticipated spot ETF in the United States.
Other crypto assets like Solana (SOL) and Cardano (ADA) have plunged 3.3% and 4.5% in the last 24 hours. Recent outflows have tanked the crypto asset market cap by 2.3% to $2.58 trillion.
Will Crypto Assets Recover?
The trend of the market is seen as outflows to exchanges continue in some quarters. Crypto assets will recover if macroeconomic factors become favorable this week. The market plunged as players await the CPI data with some analysts expecting higher numbers.
The inflation data will determine if investors move funds away from risky assets if the Feds increase interest rates. A cool CPI means more inflows are expected, taking assets to a new rebound. Liquidations from the derivatives market have impacted the price of crypto assets with selling pressured and reduced volumes.
If the market sees a change this week, crypto assets can rebound at least in the short term. Also, the upcoming halving seen as a bullish phase for the asset is days ago sparking optimism in the wider market.
Also Read: Is The Crypto Market Falling Today?
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