Bitcoin, Ethereum, Dogecoin On A Knife's Edge As ETF Decision Looms: 'Weak Weak Weak' Market, Says Trader
Portfolio Pulse from Khyathi Dalal
Cryptocurrency markets are slightly down as the Ethereum ETF decision looms. Major cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are trading lower. The S&P Global US Services and Manufacturing PMIs have risen, exceeding market expectations. Charles Schwab's survey shows traders view cryptocurrencies as risky, and the House passed a bill to ban the Federal Reserve from establishing a CBDC. Bitcoin long liquidations peaked at a two-week high, and notable developments include Wisconsin becoming the first state to buy Bitcoin.
May 23, 2024 | 8:31 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Bitcoin is trading lower by 3.3% as the market anticipates the Ethereum ETF decision. Long liquidations peaked at a two-week high, and 86% of Bitcoin holders are in profit at current levels.
The anticipation of the Ethereum ETF decision is causing a sell-off in Bitcoin, leading to a 3.3% drop. High long liquidations indicate market uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Dogecoin is down by 5.2%, reflecting broader market weakness and uncertainty ahead of the Ethereum ETF decision.
Dogecoin's significant drop is part of a broader market decline influenced by the upcoming Ethereum ETF decision.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100
NEGATIVE IMPACT
Ethereum is slightly down by 0.6% as the market awaits the Ethereum ETF decision. The decision could significantly impact Ethereum's market dynamics.
The upcoming Ethereum ETF decision is creating uncertainty, leading to a slight decline in Ethereum's price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100