Why Bitcoin, Ethereum, Dogecoin Are Dipping Today?
Portfolio Pulse from Mehab Qureshi
Major cryptocurrencies Bitcoin, Ethereum, and Dogecoin experienced a decline on Tuesday evening due to the growing acceptance of prolonged higher interest rates in financial markets. The Securities and Exchange Commission has postponed the ruling on the proposed ARK 21Shares Bitcoin ETF until next year. The S&P 500 and Nasdaq Composite also experienced a decline, while the U.S. Dollar index soared to a 10-month high. Analysts predict that Bitcoin may experience some weakness and may not break crucial levels, while Ethereum may return to being deflationary.
September 27, 2023 | 3:44 am
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NEGATIVE IMPACT
Bitcoin experienced a decline due to the growing acceptance of prolonged higher interest rates. The SEC has postponed the ruling on the proposed ARK 21Shares Bitcoin ETF until next year. Analysts predict that Bitcoin may experience some weakness and may not break crucial levels.
The decline in Bitcoin is directly linked to the growing acceptance of prolonged higher interest rates. The postponement of the SEC ruling on the Bitcoin ETF also adds uncertainty to the market. Analysts' predictions of weakness further contribute to the negative outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin experienced a decline due to the growing acceptance of prolonged higher interest rates.
The decline in Dogecoin is directly linked to the growing acceptance of prolonged higher interest rates.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100
NEGATIVE IMPACT
Ethereum experienced a decline due to the growing acceptance of prolonged higher interest rates. Analysts note that the supply of ETH has increased and predict that it may return to being deflationary.
The decline in Ethereum is directly linked to the growing acceptance of prolonged higher interest rates. The increase in the supply of ETH and predictions of it returning to being deflationary also contribute to the negative outlook.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 100