HomeCryptoBitcoin, Ethereum, Dogecoin Drop: Analyst Says Apex Crypto Pulled Out of Wall Street’s Risk-On Mode as Sam Bankman-Fried Flies to US – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Bitcoin, Ethereum, Dogecoin Drop: Analyst Says Apex Crypto Pulled Out of Wall Street’s Risk-On Mode as Sam Bankman-Fried Flies to US – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
December 22, 2022
Major coins were trading lower on Wednesday evening as the global cryptocurrency market cap fell 0.6% to $810 billion as of 7:16 pm EST.
Price trend of the main currencies
Top 24 Hour Earnings (data via CoinMarketCap)
% variation 24 hours (+/-)
Classic Ethereum (ETC)
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Because matter: The optimism seen among risky assets has not wowed the cryptocurrency market as Bitcoin and Ethereum have trailed the stock’s gains at the time of writing.
The S&P 500 and the Nasdaq closed up nearly 1.5% each on an intraday basis on Wednesday. At the time of writing, US stock futures were seen slightly higher after earnings data and strong consumer confidence boosted confidence among investors.
FTX founder Sam Bankman-Fried will fly to New York on Wednesday evening. His attorney told a court in a signed affidavit that the disgraced cryptocurrency entrepreneur was agreeing to extradition due to his “desire to make relevant clients whole,” CNBC reported.
Bankman-Fried will be subject to a dispute and bail after landing, according to the report.
“Sam Bankman-Fried has agreed to be extradited to the US and we may soon find out who else at FTX will be investigated and what other companies will be affected. Bitcoin is not getting a huge boost from the risk-friendly environment Wall Street is going through,” he said Edward MoiaOANDA Senior Market Analyst.
Trader Michael van de Poppe he said the “economy looks shaky” in 2023 and his main portfolio in such a scenario is cryptocurrencies, commodities – gold, silver and uranium – and cash.
Cryptocurrency trader Justin Bennett he said he does not think there will be a BTC capitulation without the apex coin testing the bottom of the June low of $17,600.
Renowned Bitcoin on-chain analyst, Willy Wo, noted that most coins underperform by keeping the money in cash. “It is better to hold USD than to randomly buy a coin in the cryptocurrency casino. USD is not the ultimate shitcoin, thousands of coins are worse.”
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