The major coins were buoyant as globally on Monday evening cryptocurrency The market cap is up 2.6% in the 24 hours to 8:08 p.m. EDT to $945 billion.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 3.5% | 2.3% | $19,648.91 |
| ether ETH/USD | 3.9% | -0.6% | $1,326.04 |
| Dogecoins DOGE/USD | 2.9% | -0.8% | $0.0604 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Crowd (QNT) | +8.45% | $140.08 |
| Manufacturer (MKR) | +8.15% | $815.36 |
| Elrond (EGLD) | +7.9% | $52.05 |
See also: Best Crypto Debit Cards
Why it matters: Cryptocurrencies, along with other risky assets like stocks, rose on Monday as the S&P 500 and Nasdaq ended their respective sessions up 2.6% and 2.3%, respectively. At the time of writing, US stock futures were slightly in the green.
On Monday, the ISM Manufacturing Purchasing Managers Index (PMI) fell unexpectedly to 50.9 from 52.8 in the previous month. Analysts were expecting a reading of 52.2.
on ISM numbers, Edward Moyaa senior market analyst at OANDA said, “The Fed’s tightening is working and is starting to impact more and more parts of the economy.”
“Bitcoin is slightly higher as risky assets see a rally in risky assets after a global gathering of flagging manufacturing data that supports the idea that central banks need to be less aggressive in tightening monetary policy,” Moya said in one viewed by Benzinga Note.
“Bitcoin has outperformed stocks over the past few weeks, so today’s strong stock market moves should come as no surprise. Despite some signs of downward pressure on inflation, Bitcoin is still poised to be stuck in a consolidation pattern.
Moya said, “Calling for a Fed pivot is premature and that should put a cap on how much risky assets rebound here.”
Michael van de Poppe sees crucial resistance between $19,600 and $19,750 for Bitcoin. Should the crest coin break the resistance it might touch…
