{"id":21400,"date":"2022-06-30T03:45:53","date_gmt":"2022-06-30T03:45:53","guid":{"rendered":"http:\/\/egrowonline.com\/?p=21400"},"modified":"2022-06-30T03:45:53","modified_gmt":"2022-06-30T03:45:53","slug":"bitcoin-btc-ethereum-eth-weak-dogecoin-doge-gains","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=21400","title":{"rendered":"Bitcoin (BTC), Ethereum (ETH) Weak, Dogecoin (DOGE) Gains"},"content":{"rendered":"


\n<\/p>\n

\n

Bitcoin<\/strong>\u00a0and\u00a0Ethereum<\/strong>\u00a0were under pressure even as they traded above key levels of $20,000 and $1,000, respectively, on Wednesday evening, with the global cryptocurrency market cap falling 1% intraday to $898.1 billion at press time.<\/p>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Price Performance Of Major Coins<\/caption>\n

<\/p>\n

Coin<\/th>\n

<\/p>\n

24-hour<\/th>\n

<\/p>\n

7-day<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

Bitcoin<\/strong> BTC\/USD<\/span><\/td>\n

<\/p>\n

-0.95%<\/td>\n

<\/p>\n

0.7%<\/td>\n

<\/p>\n

$20,098.58<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Ethereum<\/strong> ETH\/USD<\/span><\/td>\n

<\/p>\n

-3.9%<\/td>\n

<\/p>\n

4.6%<\/td>\n

<\/p>\n

$1,100<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Dogecoin<\/strong> DOGE\/USD<\/span><\/td>\n

<\/p>\n

5%<\/td>\n

<\/p>\n

12.4%<\/td>\n

<\/p>\n

$0.07<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n <\/p>\n
Top 24-Hour Gainers (Data via CoinMarketCap)<\/caption>\n

<\/p>\n

Cryptocurrency<\/th>\n

<\/p>\n

24-Hour % Change (+\/-)<\/th>\n

<\/p>\n

Price<\/th>\n


\n\t\t<\/tr>\n

\n\t<\/thead>\n

<\/p>\n

TerraClassicUSD<\/strong> (USTC)<\/td>\n

<\/p>\n

+92%<\/td>\n

<\/p>\n

$0.08<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

0x<\/strong> (ZRX)<\/td>\n

<\/p>\n

+9.9%<\/td>\n

<\/p>\n

$0.35<\/td>\n


\n\t\t<\/tr>\n

<\/p>\n

Stacks<\/strong> (STX)<\/td>\n

<\/p>\n

+6.7%<\/td>\n

<\/p>\n

\u200b\u200b$0.44<\/td>\n


\n\t\t<\/tr>\n


\n\t<\/tbody>\n


\n<\/table>\n<\/figure>\n

See Also: Best Crypto Debit Cards<\/a><\/em><\/p>\n

Why It Matters:<\/strong> Bitcoin slipped below the $20,000 mark on Tuesday, touching a low of $19,937.79 over 24 hours, while Ethereum teetered around the $1,000 mark in the same time frame but managed to hold on to the level.<\/p>\n

Cryptocurrency markets were under pressure after news emerged that a court in the British Virgin Islands had ordered the liquidation<\/a> of the Zhu Su<\/strong>-led Three Arrows Capital <\/strong>(3AC) hedge fund.<\/p>\n

Risk assets like stocks also remained soft amid \u201climited optimism\u201d from earnings data supplied by retailers, according to Edward Moya<\/strong>, a senior market analyst from OANDA.<\/p>\n

The analyst noted that investors removed $10 billion out of equity funds last week alone and it seems unlikely the sentiment on the U.S. Federal Reserve<\/strong> delivering a \u201csoft landing\u201d will improve drastically.<\/p>\n

Moya also said, \u201cIf Bitcoin breaks below the recent low of around $17,500, there isn’t much support until the $14,500 level.\u201d<\/p>\n

On Wednesday,\u00a0Fed Chair\u00a0Jerome Powell <\/strong>said the central bank won\u2019t let the economy slip into a \u201chigher inflation regime,\u201d reported<\/a> Reuters.\u00a0<\/p>\n

\u201cThe clock is kind of running on how long will you remain in a low-inflation regime … The risk is that because of the multiplicity of shocks you start to transition into a higher inflation regime, and our job is to literally prevent that from happening and we will prevent that from happening,\u201d said the central banker.<\/p>\n

Cryptocurrency trader Justin Bennett <\/strong>said the total cryptocurrency market cap is likely headed to the $700-$730 billion level, which is a downside of another nearly 19%-22% from current levels.<\/p>\n

\u201cWe could see a more significant relief rally from there, but it all depends on what’s happening with inflation, the Fed, etc,\u201d said Bennett in a recent tweet.\u00a0<\/p>\n

<\/p>\n

$TOTAL<\/a> is likely heading to $700-$730B. This has been my base case since May.<\/p>\n

We could see a more significant relief rally from there, but it all depends on what’s happening with inflation, the Fed, etc. $BTC<\/a> $ETH<\/a> pic.twitter.com\/WSG7C2eXLn<\/a><\/p>\n


\n\u2014 Justin Bennett (@JustinBennettFX) June 29, 2022<\/a><\/p><\/blockquote>\n

On-chain analytics firm Glassnode said while small Bitcoin holders or Shrimps, holding less than 1 BTC, and Whales with more than 1,000 BTC holdings have been accumulating, miners have been distributing.<\/p>\n

<\/p>\n

Within the extremely challenging #Bitcoin<\/a> market conditions of 2022, there are three entity cohorts with very interesting dynamics:<\/p>\n

– Shrimp < 1 $BTC<\/a> are stacking

\n– Whales > 1k $BTC<\/a> are stacking

\n– Miners are distributing<\/p>\n

A thread exploring these entities 1\/4 pic.twitter.com\/rxYcNxausS<\/a><\/p>\n


\n\u2014 glassnode (@glassnode) June 29, 2022<\/a><\/p><\/blockquote>\n

Shrimps have been adding 36,750 BTC a month, which is 0.2% of the circulating supply and 1.36x of monthly issuance. Whales, on the other hand, have been acquiring 140,000 BTC a month directly from exchanges. They account for 45.6% of Bitcoin supply, said Glassnode in a Twitter thread.<\/p>\n

\u201cMiners, who have been under immense income stress of late are in distribution mode,” said Glassnode.<\/p>\n

With the exclusion of Patoshi<\/strong> (an early Bitcoin miner believed by some to be BTC founder Satoshi Nakamoto<\/strong>) and some unknowns, miners hold 65,200 BTC in aggregate and are distributing 3,000-4,000 BTC a month, noted Glassnode.<\/p>\n

Miner stress could lead to more unloading going forward, said OANDA\u2019s Moya. \u201cThere is a big risk that we could see miners be forced to unload some of their holdings as they\u2019ve overcommitted with GPUs.\u00a0The big transition to a proof-of-stake (POS) for Ethereum is a game-changer that could hurt miners who financed a lot of hardware.\u201d<\/p>\n

Meanwhile, With more than a 12% weekly rise in price, Dogecoin appears to be an exception to the cryptocurrency downturn. The memecoin has been experiencing a 32% increase in its network activity, according to market intelligence platform Santiment<\/strong>.<\/p>\n

<\/p>\n

Whatever your opinion may be on #Dogecoin<\/a> and #ShibaInu<\/a>, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, $DOGE<\/a> (+32%) and $SHIB<\/a> (+35%) have seen many returning network interactions. https:\/\/t.co\/LDiWKEJIMg<\/a> pic.twitter.com\/JMjWQDzmtB<\/a><\/p>\n


\n\u2014 Santiment (@santimentfeed) June 29, 2022<\/a><\/p><\/blockquote>\n

Read Next: <\/em>How Bitcoin Crash Could Hurt Kim Jong-Un’s Weapons Tests<\/em><\/a><\/p>\n

Photo by\u00a0<\/em>Jin Odin<\/em><\/a>\u00a0on Shutterstock<\/em>\u00a0<\/em><\/p>\n<\/div>\n


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Bitcoin\u00a0and\u00a0Ethereum\u00a0were under pressure even as they traded above key levels of $20,000 and $1,000, respectively, on Wednesday evening, with the global cryptocurrency market cap falling 1% intraday to $898.1 billion at press time. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin […]<\/p>\n","protected":false},"author":1,"featured_media":21401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[46],"tags":[50,194,291,85,181,158,615,2606],"class_list":["post-21400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-bitcoin","tag-btc","tag-doge","tag-dogecoin","tag-eth","tag-ethereum","tag-gains","tag-weak"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/06\/shutterstock_2055191573.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=21400"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21400\/revisions"}],"predecessor-version":[{"id":21402,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/21400\/revisions\/21402"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/21401"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=21400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=21400"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=21400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}