Bitcoin Fails to Keep Up with Stocks Over the past 24 hours, Bitcoin gained 0.8% to $ 23,100, a worrying result. Ethereum strengthened 1.3% to $ 1650. Other major altcoins gained between 0.9% (Cardano) and 7.2% (BNB).
The total market capitalization of the cryptocurrency, according to CoinMarketCap, increased 1.8% to $ 1.08 trillion overnight. The Cryptocurrency Fear and Greed Index fell 4 points to 30.
Bitcoin’s drift towards the lower end of the bullish channel has stopped, but this is a weak result compared to the 2.6% rise on the Nasdaq, with which the cryptocurrency market is closely correlated. We have yet to guess where the most consistent trend and market noise is. The stock market was boosted yesterday by individual stock jumps following quarterly earnings reports. In general, the macroeconomic situation is somewhat cautious.
Fed officials were showing markets that they hoped for a quick reversal of monetary policy from tightening to easing. They hinted at their willingness to raise the rate more than expected.
Cryptocurrencies are sensitive to financial conditions, as rising rates reduce the availability of money, and this is especially true of these financial assets.
Michael Saylor, an iconic figure in the cryptocurrency industry, resigns as CEO of MicroStrategy. The reason for Saylor’s departure may be MicroStrategy’s investor dissatisfaction with the company’s financial results, whose losses from BTC depreciation exceeded $ 1 billion.
The ECB believes national digital currencies (CBDCs) will replace bitcoin and other cryptocurrencies due to their greater potential.
Online broker Robinhood announced a 23% reduction in its workforce due to the cryptocurrency market crash. Robinhood released a negative financial report for the second quarter this week. New York authorities fined the cryptocurrency platform $ 30 million for failing to comply with anti-money laundering and cybersecurity measures.
Solana users have lost over $ 8 million due to a blockchain vulnerability. Hackers hacked around 8,000 SOL-based wallets. Major cryptocurrency exchanges have claimed that they will improve user security after Solana hacking.