Bitcoin and other major coins were trading in the green at press time, with global cryptocurrency market capitalization rising 3.1% to $1.8 trillion.
|Piece of money||24 hours||7 days||Price|
|Bitcoin (CRYPTO: BTC)||4.5%||3.8%||$39,511.24|
|Dogecoin (CRYPT: DOGE)||2%||-3%||$0.11|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|XIDO Finance (XIDO)||+29.8%||$34.12|
|THOR chain (RUNE)||+14.2%||$7.24|
|The graphic (TSO)||+10.8%||$0.37|
See also: How to buy bitcoins (BTC)
Why is this important: Cryptocurrency markets rose alongside equity futures on Monday evening as investors watched the Russia-Ukraine crisis and anticipated a rise in US rates.
The US Federal Reserve is set to begin a two-day meeting on Tuesday that is expected to usher in a rate hike. The central bank is expected to raise the target federal funds rate by a quarter of a percentage point from zero.
Russian and Ukrainian officials gave a positive assessment of their talks on Sunday, with some delegates saying draft deals could be reached within days, according to a Reuters report. report.
“Cryptos across the board are in a turbulent time as investors await developments in Russia-Ukraine talks and whether the Fed gives a clear path for interest rates that could eventually lead to a selloff. deeper in the bond market,” said Edouard Moyasenior market analyst at OANDA.
Bitcoin’s market capitalization dominance currently stands at 42.9%, an increase of 0.5% over 24 hours. At the start of the year, the master coin’s dominance hovered around the 39% mark.
Bitcoin Dominance Over Time – Courtesy of CoinMarketCap
“Bitcoin has been more resilient than Ethereum to geopolitical tensions and global risk aversion sentiment. BTC is down 20% year-to-date while Ethereum has lost 32% of its value,” said declared Kaiko Searchin a note seen by Benzinga.
Amsterdam-based cryptocurrency trader Michael van de Poppe tweeted that altcoins were showing “a lot of weakness” in the Bitcoin pair. He said the centerpiece was consolidating.
“Not the best signs for the markets, to be honest,” Van de Poppe said.
Not the best signs for the markets, to be honest.
— Michael van de Poppe (@CryptoMichNL) March 14, 2022
Meanwhile, the amount of Bitcoin held on Coinbase Global Inc. (NASDAQ:COIN) trading platform continues to fall. It has decreased by 375,500 BTC or 36.6% since hitting an all-time high of 1.02 million BTC in April 2020.
Glassnode tweeted that the exodus from Coinbase was exacerbated by 31,000 BTC last week after a “significant net outflow occurred.”
This was dragged down by ~31k $BTC last week after a large net outflow.
— glass node (@glassnode) March 14, 2022
“As the largest exchange by BTC balance and a preferred location for US-based institutions, this further supports the adoption of Bitcoin as a macro asset by larger institutions,” Glassnode said in a note.
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