Bitcoin, Ethereum, Dogecoin Fall Amid Rise In Jobless Claims: Veteran Trader Says BTC Whales Are Selling For 'God-Knows-What Reason'
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced a decline on Thursday, seemingly unaffected by recent macroeconomic developments. The global crypto market capitalization stands at $1.17 trillion, a 0.81% decrease in the last day. The US stock market also continued its downward trend for a third consecutive day. Analysts suggest that if global bond yields continue to surge, this could spell trouble for large parts of the cryptoverse, which might see altcoins get sold and those funds might flow back into Bitcoin.
August 04, 2023 | 2:46 pm
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NEGATIVE IMPACT
Bitcoin experienced a decline, maintaining a steady trading price of around $29,200. Analysts suggest that if global bond yields continue to surge, this could spell trouble for Bitcoin.
The decline in Bitcoin's price, coupled with the potential impact of surging global bond yields, could lead to a negative short-term impact on the cryptocurrency.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin experienced a decline, seemingly unaffected by recent macroeconomic developments.
The decline in Dogecoin's price, coupled with the potential impact of macroeconomic developments, could lead to a negative short-term impact on the cryptocurrency.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum experienced a decline, seemingly unaffected by recent macroeconomic developments.
The decline in Ethereum's price, coupled with the potential impact of macroeconomic developments, could lead to a negative short-term impact on the cryptocurrency.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80