April 15, 2024

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Bitcoin ($BTC), Dogecoin ($DOGE), Ethereum ($ETH) - Bitcoin, Ethereum, Dogecoin Spike Amid Rising Risks: Why Red September Could Present 'Great Buying Opportunity' for Investors

Bitcoin ($BTC), Dogecoin ($DOGE), Ethereum ($ETH) – Bitcoin, Ethereum, Dogecoin Spike Amid Rising Risks: Why Red September Could Present ‘Great Buying Opportunity’ for Investors

Bitcoin And the Ethereum It rose Wednesday evening as the global cryptocurrency market cap rose 2.95% to $974.2 billion at 8.11pm ET.

Major currency price performance
Currency 24 hours 7 days price
Bitcoin Bitcoin / US Dollar 2.45% -3.8% 19296.02 USD
Ethereum ETH / USD 4.5% 4.9% 1630.51 USD
Dogecoin DOGE / USD 3.7% -0.6% 0.06 dollars

Top 24 Hour Gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
helium (HNT) + 57.02% 5.33 US dollars
EOS (EOS) + 19.3% $1.66
DAO curve symbol (CRV) + 12.4% $1.17

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why does it matter: Cryptocurrencies were booming after risky assets posted a rally on Wednesday. The S&P 500 and Nasdaq are up 1.8% and 2.1%, respectively, on the day.

However, stock futures are flat at the time of writing as investors await the latest jobless claims data due on Thursday.

The dollar index, a measure of the dollar’s strength against a basket of six currencies, traded 0.08% lower at 109.75.

Cryptocurrency Dealer Justin Bennett He said the dollar index is “crumbling” from the rising wedge on his chart.

“109.30 is the next big test. But as long as we have a weak dollar, expect relief [stocks] And the [crypto]Bennett said on Twitter.

Michael van de Poppe He said a “beautiful retest” is underway on the total market capitalization on the 200-week moving average.

This means there is a great buying opportunity for you on [crypto] markets [the dollar index] He said on Twitter.

September is a negative month for major currency if monthly returns are any indication, with GlobalBlock analyst Marcos Sotero Noting that Bitcoin ended up in the red in seven out of nine members last September.

Monthly Bitcoin Returns – Courtesy of GlobalBlock

“Bitcoin is already down more than 5% this month and last October 7 was green. So, if Bitcoin’s seasonality over the past nine years is anything to go through, this fear could lead to a significant buying opportunity,” said the analyst at Digital asset broker.

OANDA Senior Market Analyst Craig Erlam He said that the risk environment indicated “significant headwinds” for Bitcoin and that the “technical setup did not look more promising.”

“The question now is whether we can see another vortex, as has always been the case in the past, should bitcoin break summer lows around $17,500 to trade at late 2020 levels,” Erlam said, in a note seen by Benzinga.

CryptoQuant Executive Director Ki Young Joo He tweeted that eight-year-old bitcoin was moved to 15,000 coins in ten days, with some being sent to a crypto exchange Legendary sea monster.

Ki said the community-led analytics platform revealed that whales were likely one of the first visionaries who amassed Bitcoin through mining, trading, and coins from Cryptsy bitcoin exchange just before it was hacked.

read the following: Binance US Launches Ethereum (ETH) Staking With 6% APY Before Merger

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