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Mooners and Shakers: Bitcoin and crypto market steady, but one top analyst warns against buying the dip

cryptonews100_tggfrn by cryptonews100_tggfrn
March 22, 2022
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Mooners and Shakers: Bitcoin and crypto market steady, but one top analyst warns against buying the dip
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Whereas the US greenback index (DXY) and stonks appear indecisive on Wall Avenue in the present day, Bitcoin and crypto are fairly regular at the time of writing.

In the meantime the crypto Concern & Greed Index has ticked up a bit over the previous few days and the typically extra bullish analysts round are sounding, unsurprisingly, typically bullish for the quick time period.

bitcoin buy the dip

Nonetheless, one outstanding analyst higher often called a conventional finance observer has offered some phrases of warning in the present day. Bloomberg’s senior commodity strategist Mike McGlone was talking on the Wolf of All Streets Podcast on Monday and was pointing to an over “prolonged” inventory market that would hold all danger belongings suppressed.

“So, we’ve the most prolonged inventory market in 20 years comparatively… most costly inventory market when it comes to GDP in the historical past of mankind, most costly inventory market versus actual property and versus international equities ever… and a part of that’s that’s been driving inflation and the Fed has to push again that inflation,” stated McGlone.

Lose-lose for danger belongings? Sadly, at present ranges of inflation, the #FederalReserve, by mandate, principally has to restrict peoples capacity to purchase stuff.https://t.co/cBmj94luGs

— Mike McGlone (@mikemcglone11) March 21, 2022

“That was my warning — folks that don’t get it but — ‘Don’t purchase the dip’ — that’s for the folks that haven’t realized their classes,” the Bloomberg analyst continued.

Lengthy-term, although, McGlone nonetheless believes Bitcoin, particularly, will ultimately hit US$100k. Whether or not or not that’s this 12 months as he’s previously indicated it could, is one other query. McGlone additionally thinks that BTC “would possibly simply see US$30,000 first”.

 

Top 10 overview

With the total crypto market cap at about US$1.96 trillion, up roughly 0.7% from this time yesterday, right here’s the present state of play amongst top 10 tokens – in accordance with CoinGecko.

bitcoin buy the dip

Layer 1s Terra (LUNA), Ethereum (ETH) and Cardano (ADA) are main the top-10 value motion over the previous 24 hours, though Avalanche (AVAX) has been surging again these days, too.

In the first week of March, in accordance with information from Staking Rewards, LUNA flipped ETH when it comes to staked worth, and as you’ll be able to see on the chart beneath, it’s maintained that putting with greater than US$29.8 billion value of LUNA locked up for passive rewards. Solana (SOL) isn’t doing too badly with that metric, both.

bitcoin buy the dip
Supply: stakingrewards.com

As for the way Bitcoin (BTC) is shaping up up to now this week, emotions are as combined as ever amongst the Twitter-populated crypto analysts. It’s difficult to get a learn on who’s the extra vocal proper now – bears or bulls.

@ZeroHedge, aka “John Wick”, appears to be sensing one thing large simply round the nook, although…

#BTC

This resistance has been touched 4 occasions. The extra occasions a resistance is touched the extra highly effective the breakout ultimately is.

With the volatility constructing, I can solely think about this breakout being that of a volatility breakout setup.

I’ve set my alerts. pic.twitter.com/GpMpWGRL42

— John Wick (@ZeroHedge_) March 21, 2022

But Dutch dealer Michaël van de Poppe doesn’t look like anticipating an excessive amount of from the OG crypto proper now…

For #Bitcoin, I am the following ranges.

Essential to carry; $40.4K space.

If that low is misplaced, I am assuming we’ll check $39K and have additional downwards momentum to stay up for. pic.twitter.com/LdzKqq0Oqz

— Michaël van de Poppe (@CryptoMichNL) March 21, 2022

Maintain the telephone… information simply in, US Federal Reserve boss Jerome Powell simply stated one thing…

Powell: “I consider that these coverage actions and these to return will assist deliver inflation down close to 2 % over the subsequent 3 years.”

That is the similar man that instructed you final 12 months inflation was going to be transitory.

— Sven Henrich (@NorthmanTrader) March 21, 2022

Annnd… the inventory and crypto markets seems to be considerably spooked as that is typed. Maybe solely barely (a “transitory” kinda deal). Yep, that’s a complete lot of affect for one bloke.

Uppers and downers: 11–100

Sweeping a market-cap vary of about US$20.57 billion to about US$970 million in the remainder of the top 100, let’s discover a few of the largest 24-hour gainers and losers at press time.

DAILY PUMPERS

• Convex Finance (CVX), (mc: US$1.14 billion) +14%

• Algorand (ALGO), (mc: US$5.3 billion) +7.5%

• Sprint (DASH), (mc: US$1.29 billion) +7%

• Bitcoin SV (BSV), (mc: US$1.62 billion) +6%

• EOS (EOS), (mc: US$2.3 billion) +5.5%

 

DAILY SLUMPERS 

• Xido Finance (XIDO), (market cap: US$970 million) -12.5%

• ECOMI (OMI), (mc: US$1.7 billion) -7%

• JUNO (JUNO), (mc: US$1.49b) -6%

• ApeCoin (APE), (mc: US$1.32b) -4%

• THORChain (RUNE), (mc: US$2.6b) -4%

 

Uppers and downers: decrease caps

Shifting beneath the crypto unicorns (in some instances nicely beneath), right here’s only a choice catching our eye…

DAILY PUMPERS

• Biswap (BSW), (market cap: US$212m) +161%

• Spell Token (SPELL), (mc: US$423m) +32%

• Hector Finance (HEC), (mc: US$81m) +31%

• Ribbon Finance (RBN), (mc: US$67m) +28%

• Ocean Protocol (OCEAN), (mc: US$265m) +23%

 

DAILY SLUMPERS

• SuperRare (RARE), (market cap: US$106 million) -27%

• Addapter Token (ADP), (mc: US$39.5m) -18%

• Tranchess (CHESS), (mc: US$58m) -15%

• Epik Prime (EPIK), (mc: US$17m) -11%

• Bounce (AUCTION), (mc: US$116m) -10%

 

Round the blocks

The transfer is seen as a notable step in the growth of crypto markets for institutional traders.https://t.co/uRIoHdWkpf

— Blockworks (@Blockworks_) March 21, 2022

Everybody Hates Elizabeth Warren’s Crypto Regulation Invoice https://t.co/1HmBGq07uI

— Neeraj Ok. Agrawal (@NeerajKA) March 21, 2022

pic.twitter.com/4TqkMT8jt7

— Bitcoinproenneke – BTC ’til the wheels fall off (@Bitcoinproenne) March 20, 2022

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