{"id":37351,"date":"2022-12-07T02:33:37","date_gmt":"2022-12-07T02:33:37","guid":{"rendered":"https:\/\/egrowonline.com\/?p=37351"},"modified":"2022-12-07T02:33:37","modified_gmt":"2022-12-07T02:33:37","slug":"analysts-laud-apex-crypto-for-strong-movement-impressive-levels-by-benzinga","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=37351","title":{"rendered":"Analysts Laud Apex Crypto For ‘Strong Movement,’ ‘Impressive’ Levels By Benzinga"},"content":{"rendered":"


\n<\/p>\n

\n
\n\"Bitcoin,
\n\u00a9 Reuters. Bitcoin, Ethereum, Dogecoin Mixed As Recession Fears Weigh: Analysts Laud Apex Crypto For ‘Strong Movement,’ ‘Impressive’ Levels<\/span>
\n\n<\/div>\n

Benzinga – and managed to hold onto some intraday gains, amid increasing recessionary fears, as the global cryptocurrency market cap rose 0.4% to $856.7 billion at 7:24 p.m. EST.<\/p>\n\nPrice Performance Of Major Coins<\/p>\n\nCoin
\n24-hour
\n7-day
\nPrice
\n<\/tr>\n\n\n\n
Bitcoin<\/strong> (CRYPTO: BTC)<\/td>\n0.4%<\/td>\n3.7%<\/td>\n$17,070.55<\/td>\n<\/tr>\n
Ethereum<\/strong> (CRYPTO: ETH)<\/td>\n0.6%<\/td>\n4.3%<\/td>\n$1,269.11<\/td>\n<\/tr>\n
(CRYPTO: DOGE)<\/td>\n-1.5%<\/td>\n-1.5%<\/td>\n$0.10<\/td>\n<\/tr>\n<\/table>\n\nTop 24-Hour Gainers (Data via CoinMarketCap)<\/p>\n\nCryptocurrency
\n24-Hour % Change (+\/-)
\nPrice
\n<\/tr>\n\n\n\n
Ape Coin<\/strong> (APE)<\/td>\n+5.35%<\/td>\n$4.16<\/td>\n<\/tr>\n
MultiversX (Elrond)<\/strong> (EGLD)<\/td>\n+5.05%<\/td>\n$45.41<\/td>\n<\/tr>\n
NEAR Protocol<\/strong> (NEAR)<\/td>\n+4.15%<\/td>\n\u200b\u200b$1.79<\/td>\n<\/tr>\n<\/table>\n

Why It Matters: <\/strong>Risk assets were weighed down by fears of a looming recession on Tuesday. The S&P 500 and Nasdaq closed 1.4% and 2% lower respectively for the day. U.S. stock futures were seen trading flat at the time of writing. <\/p>\n

Amsterdam-based cryptocurrency trader Micha\u00ebl van de Poppe<\/strong> said that there are some \u201cpretty strong movements\u201d from Bitcoin despite the \u201coverall weakness of indices.\u201d<\/p>\n

Pretty strong movements from #Bitcoin, despite the overall weakness on the indices.<\/p>\n

\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) December 6, 2022<\/p>\n<\/blockquote>\n

Justin Bennett <\/strong>noted that Bitcoin is down 0.8% for the week, while the S&P 500 is lower by 2.8%.<\/p>\n

The trader said on Twitter, \u201cIf [stocks] can find a bottom here, it would likely bode very well for [crypto.]\u201d<\/p>\n

This may jinx it, but $BTC is down 0.8% this week, while $SPX is down 2.8%.<\/p>\n

If #stocks can find a bottom here, it would likely bode very well for #crypto.<\/p>\n

\u2014 Justin Bennett (@JustinBennettFX) December 6, 2022<\/p>\n<\/blockquote>\n

\u201cBitcoin continues to hover around the $17,000 level, which is rather impressive given the recession-driven risk-off tone on Wall Street. Crypto traders are looking for something major to happen before they get back into this space,\u201d said Edward Moya,<\/strong> a senior market analyst at OANDA.<\/p>\n

\u201cEither we see decisive regulatory actions put in place to foster long-term growth or the busy cycle continues as other crypto companies go under,\u201d said the analyst, in a note seen by Benzinga.<\/p>\n

Eroding wealth could drive a recession next year, according to Jamie Dimon, <\/strong>the CEO of JPMorgan Chase (NYSE:)<\/strong>. The banking executive noted that households are spending down pandemic stimulus money that helped lift up the economy in 2021.<\/p>\n

Even so, buying power is higher than during the 2021 bull run, according to Santiment<\/strong>. The market intelligence platform tweeted, \u201cWhen traders want to execute on this [cryptocurrency] purchasing is another story. For now, the average % of supply held on exchanges of top [stablecoins] went from 32.5% to 28.4% in the past 4 months.”<\/p>\n

Buying power is still higher than during the 2021 #bullrun. When traders want to execute on this #crypto purchasing is another story. For now, the average % of supply held on exchanges of top #stablecoins went from 32.5% to 28.4% in the past 4 months. https:\/\/t.co\/QurFcOd9zH pic.twitter.com\/vHpJEF1tBb<\/p>\n

\u2014 Santiment (@santimentfeed) December 5, 2022<\/p>\n<\/blockquote>\n

Meanwhile, Bitcoin\u2019s decreased mining difficulty, which has fallen by 7.3%, is the largest such downward adjustment since July 2021, according to Glassnode<\/strong>.<\/p>\n

The on-chain analysis firm said that \u201cGiven depressed coin prices, rising energy costs, and debt burdens, the mining industry is under extreme stress.\u201d<\/p>\n

The #Bitcoin protocol has just decreased mining difficulty by -7.3%, the largest downwards adjustment since July 2021.<\/p>\n

Given depressed coin prices, rising energy costs, and debt burdens, the mining industry is under under extreme stress.<\/p>\n

Live Dashboard: https:\/\/t.co\/64jyX7mRzj pic.twitter.com\/USBtvhQtZt<\/p>\n

\u2014 glassnode (@glassnode) December 6, 2022<\/p>\n<\/blockquote>\n

Read Next: Happy Birthday, Dogecoin! $100 Invested In Meme Crypto Now Will Be Worth This Much If It Hits Level From A Year Earlier<\/p>\n

\u00a9 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/i><\/p>\n

Read the original article on Benzinga<\/a><\/p>\n<\/div>\n


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

\u00a9 Reuters. Bitcoin, Ethereum, Dogecoin Mixed As Recession Fears Weigh: Analysts Laud Apex Crypto For ‘Strong Movement,’ ‘Impressive’ Levels Benzinga – and managed to hold onto some intraday gains, amid increasing recessionary fears, as the global cryptocurrency market cap rose 0.4% to $856.7 billion at 7:24 p.m. EST. Price Performance Of Major Coins Coin 24-hour […]<\/p>\n","protected":false},"author":1,"featured_media":9514,"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":[237,6213,4726,62,8380,12699,977,1792,2167],"class_list":["post-37351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dogecoin","tag-analysts","tag-apex","tag-benzinga","tag-crypto","tag-impressive","tag-laud","tag-levels","tag-movement","tag-strong"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/LYNXMPEB0M0CA_L.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/37351","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=37351"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/37351\/revisions"}],"predecessor-version":[{"id":37352,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/37351\/revisions\/37352"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/9514"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=37351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=37351"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=37351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}