Home / Business / ‘Bloody Crypto’ Memorial Day weekend? Some bitcoin bulls fear the long US holiday.

‘Bloody Crypto’ Memorial Day weekend? Some bitcoin bulls fear the long US holiday.



Bitcoin impatient investors didn’t care about the long weekend of the US Memorial Day.

The sun, fresh air, barbecues, the first big vacation, as higher doses of the COVID vaccine have hit Americans and those in other parts of the world, the setting appears to be fueling the boom. agita on a downtrend that could continue to crystallize in the coming days for bitcoin BTCUSD.
-0.59%
And a wider range of cryptographic complexes including dogecoin DOGEUSD.
-0.48%
And Ether ETHUSD
-0.74%
On the Ethereum blockchain

“Bloody crypto weekend is coming,” said Yves Lamoureux, president of macroeconomic research firm Lamoureux & Co.

Markets in the US are closed on Monday for Memorial Day, but the crypto market is open 24 hours a day.

Lamoureux wasn’t the only one to harbor concerns over Memorial Day.Billionaire digital asset tycoon Barry Silbert tweeted that he hoped bitcoin would run out of the weekend.

Report on CoinTelegraph predicted that bitcoin could still slip at $ 20,000 or below. The latest asset changed hands at $ 36,199, down more than 7% on CoinDesk.Bitcoin is up 24% from the previous year, but is down 44% from its mid-April peak of $ 64,829.14.

Technical analyst Katie Stockton, Fairlead Strategy Supervisor, told MarketWatch that bitcoin has benefited from short-term oversold conditions over the past few weeks, holding close to the $ 34K support.

However, she said, it is struggling with the 200-day moving average, technical analysts use the moving average as a measure of both long-term and short-term momentum in assets.

“My short-term gauge is pointing higher. But we don’t have a convincing medium-term ‘buy’ signal. Stockton said.

As a result, technical analysts say support at nearly $ 34,000 could be in jeopardy after more bounces. “So we have to keep an eye on” at $ 27,000 “as a possible item.”

Price Dogecoin, a popular crypto meme designed in 2013 as an interesting riff on the rise of bitcoin alternatives, is changing hands at 31.6 cents, down more than 6% .The altcoin is down almost 60% from the All-time peak in May That said, digital assets were up 6,500% over the past year.

The second largest crypto by market cap, Ether fell 9% and switched hands at $ 2,528, up nearly 240% in 2021.

However, volatility, much of the crypto rise, outpaced conventional assets (except for meme stocks such as AMC Entertainment Holdings AMC.
-1.51%
And GameStop Corp. GME
-12.64%
).

DJIA Industries Dow Jones
+ 0.19%
It was up 0.2% on Friday and was up about 13% in the first six months of the year the S&P 500 SPX index.
+ 0.08%
It was up 0.1% in the session and watched an increase from the previous year of about 12%, while the Nasdaq COMP composite index.
+ 0.09%
Up 0.1% and heading for a 6.7% gain this year Gold Futures GC00
+ 0.42%,
In the meantime, it was up 0.4% today and up 0.6% from last year.

Lamoureux said the weekend for cryptocurrencies became notoriously corrupt “because of dry liquidity” and “if there was blood in the sharks, it would lower this down and kill the weak competition that was in trouble.” ”

Investors and strategists say leveraging in the system can also play a role in expanding the movement in digital assets.

A Barrons.com report, written by Avi Salzman, explains that there are essentially two bitcoin markets, one dominated by mainstream brokers such as Coinbase Global and Robinhood, and the other dominated by the ignorant derivative investors. About the rising and growing crypto price Focus on making money according to the direction of the asset movement.

Volatility can cause volatility in such an environment, especially if few investors are willing to join the slaying actively as the downturn occurs.

No narrative describes the change in momentum for bitcoin and its currency. A number of reports stated in comments from China to Japan. But crypto movements are not always synchronized with the headlines.

To be sure, the former crypto community sees slides as buying opportunities, a key factor for long-term investors.

However, new investors may face challenges in trying to deep dive.

Lamoureux said one of the key factors that should act to support mainstream bitcoin and crypto is the rise of stablecoins such as Tether USDTUSD.
,
Where prices tend to have more fixed order currencies and prices.

Stablecoins such as Tether are likely to be seen as a gateway to crypto as they can reduce other crypto transactions using stablecoins. Tether’s market capitalization continues to increase.

CoinMarketCap.com


Source link