2022-06-27 07:31:26
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Bitcoin Holds Above $21K; Other Major Cryptos Are Mixed
Expectations for bitcoin's collapse below $20,000 over the weekend were premature.
While down more than a percentage point over the past 24 hours, the largest cryptocurrency by market capitalization was trading well over $21,000, still up from the panicky levels to which it fell last weekend at one point.
On Sunday, investors continued to find comfort in faint signs that the U.S. economy was cooling and that the Federal Reserve might be able to tone down its monetary hawkishness later in the year. Bitcoin has correlated increasingly to macroeconomic trends, which have worsened considerably over the past nine months.
Ether, the second largest crypto by market cap, was changing hands above $1,200, down about 2.5% during the past day. Trading for both digital assets was light as is typical for weekends. The bitcoin Fear and Greed Index measuring market sentiment remained well within extreme fear territory.
Other major altcoins were mixed over the weekend with popular memecoin DOGE rising more than 10% at one point, and Monero's privacy coin XRM up nearly 6%. GALA and MANA sank over 8% and 7%. Polygon's MATIC, which rose more than 25% over a 24-hour period starting last Wednesday after launching a new privacy product for decentralized autonomous organizations (DAOs), fell more slightly.
Cryptos' performance has tracked equity indexes, which regained ground Friday from leaner days earlier in the month. The S&P 500 rose 3.1% on Friday, its best day in two years and finished the week up more than 6%, although the index, which contains a heavy tech component, still lingers in bear market territory, meaning that it is down at least 20% from its previous high. The tech-focused Nasdaq and Dow Jones Industrial Average climbed 3.3% and 3%, respectively as investors savored the brief respite from this year's drumbeat of dreary economic news.
17 viewsNabamita, 04:31
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