Cryptocurrencies affected by their internal dynamics
On the second business day of the week, there was a dynamic trend in cryptocurrencies due to sector developments.
On the first trading day of the week, with the news that Silicon Valley Bank was sold to First Citizens Bank, the US stock markets had a positive outlook. While there was a receptive outlook in the Euro Zone, there were sharp pullbacks in crypto markets due to the news flow in their internal dynamics. While Bitcoin is showing activity at $27,090 in the morning hours today, Ethereum finds buyers at $1,730 levels.
What is going on in the crypto market?
While a calm macro agenda prevailed yesterday, positive news from the crypto markets came that MicroStrategy bought 6 thousand 455 Bitcoins worth approximately 150 million dollars. It then caused some 5% pullback in Bitcoin when the CTFC (US Commodity Futures Commission) sued Binance exchange and CZ for violating regulations. The reason for the lawsuit is that Binance CEO CZ allegedly traded directly or indirectly on Binance with 300 accounts.
With the negative news flow, the total value of the crypto market is moving at the level of $1.09 trillion, above the psychological resistance of $1 trillion, with a 3% pullback. Bitcoin's dominance is 47.4%, while Ethereum's dominance is 19.2%. Today, JOE and SXP stand out as the most rising cryptocurrencies in Bitay with double-digit gains.
Today, on the macro agenda, CB consumer confidence from the USA and ECB President Lagarde's speeches in the Euro Zone will be followed. We expect news flows in the internal dynamics to continue to be influential on the activity in the crypto market.
