Bitcoin, Ether, Dogecoin and Other Cryptocurrencies Record Small Gains After Heavy Drop
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The $40,000 benchmark is an important level for bitcoin as according to experts, how the cryptocurrency performs from there could determine whether the market enters another bullish or bearish phase.
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$95 billion per month balance sheet run-off as Fed hammers crypto markets with 0.5 percentage point moves in upcoming meetings,” said Teong Hung, chief executive of Hong Kong-based Satori Research.
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Dogecoin and Shiba Inu each declined by about 10 percent, but like the other coins, they have since recovered by 4 percent and 20 percent, respectively.
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According to Arthur Hayes, co-founder of crypto trading platform BitMEX, speculation is rife that bitcoin could drop to around $30,000 by June.
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Similarly, Ether, which has already dropped below $3,000, could reach around $2,500. ,Bitcoin and Ether are highly correlated to the Nasdaq 100.
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If NDX Tanks, It Will Take Crypto Down With ItHayes said.
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According to David Duong, Head of Institutional Research at Coinbase Global Inc., investors are selling cryptocurrencies ahead of the mid-April tax deadline in the US.
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This could be the reason why there is a downfall in the cryptocurrency market. Interestingly, this trend was also seen in 2021.