{"id":26110,"date":"2022-08-16T07:07:36","date_gmt":"2022-08-16T07:07:36","guid":{"rendered":"https:\/\/egrowonline.com\/?p=26110"},"modified":"2022-08-16T07:07:36","modified_gmt":"2022-08-16T07:07:36","slug":"bitcoin-ethereum-dogecoin-rally-halts-as-chinese-data-disappoints-are-investors-already-engaging-in-profit-taking","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=26110","title":{"rendered":"Bitcoin, Ethereum, Dogecoin Rally Halts As Chinese Data Disappoints: Are Investors Already Engaging In Profit-Taking?"},"content":{"rendered":"


\n<\/p>\n

\n

Bearish sentiment kept major coins lower on Monday evening as the global cryptocurrency market cap declined 1.05% to $1.15 trillion 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

-1%<\/td>\n

<\/p>\n

0.8%<\/td>\n

<\/p>\n

$24,020.13<\/td>\n


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

<\/p>\n

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

<\/p>\n

-2.4%<\/td>\n

<\/p>\n

5.8%<\/td>\n

<\/p>\n

$1,868.18<\/td>\n


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

<\/p>\n

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

<\/p>\n

-4%<\/td>\n

<\/p>\n

9.5%<\/td>\n

<\/p>\n

$0.08<\/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

Chiliz<\/strong> (CHZ)<\/td>\n

<\/p>\n

+8.8%<\/td>\n

<\/p>\n

$0.20<\/td>\n


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

<\/p>\n

STEPN<\/strong> (GMT)<\/td>\n

<\/p>\n

+7.5%<\/td>\n

<\/p>\n

$1.05<\/td>\n


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

<\/p>\n

UNUS SED LEO<\/strong> (LEO)<\/td>\n

<\/p>\n

+5.8%<\/td>\n

<\/p>\n

\u200b\u200b$5.40<\/td>\n


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


\n\t<\/tbody>\n


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

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

Bitcoin<\/strong> and Ethereum<\/strong> followed stocks lower at press time as the S&P 500 and Nasdaq futures turned flat and slipped marginally into negative territory, shedding the day\u2019s gains.<\/p>\n

Sentiment in the stock market was marred by weak economic data<\/a> emanating out of China. Industrial production came in at 3.8% in July below the 5% forecast. In an unexpected move, China\u2019s central bank cut interest rates by 10 basis points.<\/p>\n

\u201cThe economic data from China overnight was very disappointing, to put it mildly. Combined with the lending figures on Friday, it does not paint a good picture of domestic demand or the growth outlook,\u201d said Craig Erlam<\/strong>, a senior market analyst at OANDA.<\/p>\n

\u201cBitcoin has tested the water above $25,000 and been pushed back on the first attempt. It seems the cryptocurrency, like many other instruments, is testing a potentially significant barrier following the recent recovery and we may be seeing some profit-taking,\u201d wrote Erlam, in a note seen by Benzinga.<\/p>\n

However, there is a silver lining. GlobalBlock analyst\u00a0Marcus Sotiriou<\/strong>\u00a0noted data from Bank of America <\/strong>that indicates consumer spending is not decelerating in the United States.<\/p>\n

\u201cThis is shown by online retail spending still being positive year over year, leisure services spending uptick and median account balances remaining significantly elevated relative to 2019.\u201d<\/p>\n

\u201cIf we look at debt service payments as a percent of personal disposable income though, which is remarkably below levels from the dot com bubble, the Global Financial Crash and 2020, we can see that consumers are in a healthy position,\u201d wrote Sotiriou.<\/p>\n

Investors will take stock of U.S. retail sales on Friday. On Wednesday, minutes from the Federal Open Market Committee\u2019s recent meeting will be released.<\/p>\n

Cryptocurrency trader Justin Bennett<\/strong> said he\u2019s treading carefully with cryptocurrencies as he tracks the dollar index, a measure of the greenback\u2019s strength against a basket of six currencies.<\/p>\n

<\/p>\n

Another reason I’m treading carefully with #stocks<\/a> and #crypto<\/a> right now is the $DXY<\/a>.<\/p>\n

It reclaimed that February channel on Monday.<\/p>\n

If this holds, expect risk assets to come under pressure. https:\/\/t.co\/otCWuXJkUa<\/a> pic.twitter.com\/3N6MJJfwKI<\/a><\/p>\n


\n\u2014 Justin Bennett (@JustinBennettFX) August 15, 2022<\/a><\/p><\/blockquote>\n

The dollar index was up 0.02% at 106.57 at press time. Bennett said if it holds the 106.5 levels, he expects \u201crisk assets to come under pressure.\u201d<\/p>\n

Meanwhile, Micha\u00ebl van de Poppe<\/strong> said Bitcoin is \u201cconsolidating a little\u201d after a decent run in the last week amid profit taking. He said, a \u201cbear mindset is still the key.\u201d The cryptocurrency trader pointed to the $23,800 and $23,000 as key levels to look out for when it comes to longs.\u00a0<\/p>\n

<\/p>\n

#Bitcoin<\/a> consolidating a little, as we’ve had a pretty decent run upwards in the past week.<\/p>\n

\ufffd Very normal; nothing goes up in a straight line.

\n\ufffd Profit taking, as bear mindset is still key.

\n\ufffd Giving people on HL’s opportunities to jump in.<\/p>\n

Watching $23.8K and $23K for longs pic.twitter.com\/lfqPqMmKft<\/a><\/p>\n


\n\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) August 15, 2022<\/a><\/p><\/blockquote>\n

Bitcoin\u2019s supply has undergone a \u201csignificant transfer of wealth in recent months,\u201d on-chain analytics firm Glassnode\u00a0said in a recent blog post.\u00a0<\/p>\n

While the Long-Term Holder (LTH) Supply has seen a \u201cmodest decline\u201d following the collapse of Terra Classic<\/strong> (LUNC), it remains range bound.\u00a0<\/p>\n

Bitcoin’s Total Supply Held By LTHs \u2014 Courtesy Glassnode<\/em><\/p>\n

This points to contained spending by a sub-set rather than a broad loss of confidence, according to Glassnode.<\/p>\n

On the other hand, Short Term Holders are experiencing a divergence between BTC and dollar denominated wealth.<\/p>\n

STHs, 30-Day Position Change \u2014 Courtesy Glassnode<\/em><\/p>\n

\u201cThis is indicative of a pool of buyers who stepped in at the lows, and now hold some [300,000 BTC], acquired at a much lower cost basis,\u201d wrote Glassnode.<\/p>\n

Read Next: <\/em>Is Bitcoin Poised To Regain Important $25,000 Psychological Level? Here’s What To Watch<\/em><\/a><\/p>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bearish sentiment kept major coins lower on Monday evening as the global cryptocurrency market cap declined 1.05% to $1.15 trillion at press time. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin BTC\/USD -1% 0.8% $24,020.13 […]<\/p>\n","protected":false},"author":1,"featured_media":26111,"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":[41],"tags":[50,520,21,7683,85,10499,158,609,102,4958,213],"class_list":["post-26110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-chinese","tag-data","tag-disappoints","tag-dogecoin","tag-engaging","tag-ethereum","tag-halts","tag-investors","tag-profittaking","tag-rally"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/08\/shutterstock_2089148695_1.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26110","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=26110"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26110\/revisions"}],"predecessor-version":[{"id":26112,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/26110\/revisions\/26112"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/26111"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26110"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}