Bitcoin, Ethereum, Dogecoin Tumble As Investors Shrug Off Macro Events: Analyst Predicts Prolonged Range Trading In Cryptoverse As Fresh Capital Remains Elusive
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced a significant downturn despite industry-specific and macro events. The downturn occurred despite a Fitch downgrade of the U.S. Treasurys and MicroStrategy's intentions to acquire additional Bitcoin. The current market pattern may change if the SEC approves any of the spot bitcoin ETF applications submitted by companies like BlackRock. The global crypto market capitalization stands at $1.17 trillion, a 2.14% decrease in the last day.
August 04, 2023 | 12:33 pm
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NEGATIVE IMPACT
Bitcoin experienced a significant downturn despite industry-specific and macro events.
The downturn in Bitcoin's price is directly related to the news of the Fitch downgrade and MicroStrategy's intentions to acquire more Bitcoin. This could lead to a decrease in the short-term price of Bitcoin.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin experienced a significant downturn despite industry-specific and macro events.
The downturn in Dogecoin's price is directly related to the news of the Fitch downgrade and the overall downturn in the cryptocurrency market. This could lead to a decrease in the short-term price of Dogecoin.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
Ethereum experienced a significant downturn despite industry-specific and macro events.
The downturn in Ethereum's price is directly related to the news of the Fitch downgrade and the overall downturn in the cryptocurrency market. This could lead to a decrease in the short-term price of Ethereum.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80