The two largest coins traded on red Sunday evening, when the global cryptocurrency market cap was down 1.05% at press time to $1.08 trillion.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -1.6% | 3.3% | $23,314.77 |
| ether ETH/USD | -1.2% | 5.1% | $1,678.08 |
| Dogecoins DOGE/USD | -1.9% | 1.45% | $0.07 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Filecoin (ROSE) | +25.1% | $9.94 |
| internet computer (ICP) | +9.5% | $9.03 |
| working (AR) | +6.2% | $15.58 |
See also: Best USDC Interest Rates
Why it matters: Cryptocurrencies, which were buoyant over the weekend, appear to be losing momentum heading into a new trading week.
Bitcoin peaked at $24,572.58 over the weekend and has since shrunk 5.1% from those levels.
Cryptocurrencies continue to be stock-focused. S&P and Nasdaq futures were each down 0.4% at press time. Heading into a new trading week, investors will be keeping an eye on a flurry of earnings data and the nonfarm payrolls report from the Bureau of Labor Statistics.
Cryptocurrency investors need to keep an eye on the S&P 500, where the area below 4,200 will be “critical” according to the trader Justin Bennett.
Noting the correlation between Bitcoin and the S&P500, Bennett said that if the index sells off, the apex coin will “likely follow,” even if it takes a day or two.
Why #cryptobulls need to be careful next week.
Watch today’s video at the link below and don’t forget to subscribe. $BTC #Bitcoin $ETH https://t.co/a5x06hmYo9
— Justin Bennett (@JustinBennettFX) July 29, 2022
The USA federal reserve has scope for more aggressive increases as personal income and spending data remain strong, noted Edward MoyaSenior Market Analyst at OANDA.
“A few more inflation and employment reports will determine how the data-dependent Fed will behave after the summer,” Moya said in a note seen by Benzinga.
Despite this, there are indications that cryptocurrencies may be shedding the “winter” mindset and preparing for a continued recovery rally in the summer, he added.
“The ‘crypto winter’ may be over, and that is what is needed to enable backflow into space,” Moya said.
Michael van de Poppe noted the movement of so-called altcoins, which he said are “breaking out left and right.”
The cryptocurrency trader said short positions would be “stopped out or liquidated.” He said, “This is the summer relief!”
#Altcoins are breaking out left and right.
The moment they crack their range, they start accelerating fairly quickly;
– Short positions are stopped out or liquidated.
– Breakout buyers.
Position yourself well, more #altcoins will follow.
It’s the summer relief!
— Michaël van de Poppe (@CryptoMichNL) July 30, 2022
Alternative.Me’s Crypto Fear & Greed Index investor sentiment indicator showed “Fear” heading into the new trading week. The index was at 33 at press time, while last week it was at 30 – a score of 0 being “extreme fear” and 100 being “extreme greed.”
Pioneer of decentralized finance Yearn.Finance (YRN) token surpassed $10,000 for the first time since May 16 as the DeFi asset decoupled from other altcoins, Santiment said.
The price of #YearnFinance has surged above $10,000 for the first time since May 16 as the #DeFi asset decoupled from the #altcoin package. Keep an eye on addresses holding $1 million or more in $YFI as their holdings have declined. https://t.co/YJsG2GI4oL pic.twitter.com/djmoIgnJB3
— Santiment (@santimentfeed) July 29, 2022
The market intelligence platform tweeted: “Keep an eye on addresses holding $1M or more in $YFI as their holdings have declined.
Read on: Here’s why Bitcoin could explode higher if this trend is confirmed
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