Bitcoin und Ethereum auf 3-Wochen-Tiefs, da Inflationsängste weiterhin wiegen

Kryptowährungen verharrten weiterhin auf Drei-Wochen-Tiefs, da die grassierende Inflation in Großbritannien zu den anhaltenden Sorgen über die Gesundheit der Weltwirtschaft beitrug. Bitcoin stieg nur um 0,3 % auf 40.134 US-Dollar, hielt sich aber immer noch über dem wichtigen Unterstützungsniveau von 40.000 US-Dollar.

Timeline of Bitcoin, Ethereum

Cryptocurrencies languished, mirroring equity markets, although regulation and fundamentals are “moving in the right direction”. Bitcoin, the largest coin by market cap, fell 1.84% to US$38,979, falling and staying below the key support level of US$40,000.

Bitcoin and Ethereum offset yesterday's gains, tumbling back below key support levels as the tech-heavy Nasdaq slipped to its lowest level in a month. The largest coin by market cap, Bitcoin, fell 4.29% to US$38,740, while Ethereum lost 4% to US$2,874.

Bitcoin and Ethereum recovered some ground, with most other cryptos languishing as the Nasdaq remained flat despite “pretty decent quarterly earnings” from Meta. The largest coin by market cap gained 2.38% to US$39,390 to offset some of yesterday's losses, although it is still trading below its key support level of US$40,000.

Bitcoin and Ethereum both added to gains after their midweek recovery, although it has been a mixed bag for the crypto market with many coins in the red, despite more positive sentiment in stock markets. The largest coin by market cap climbed back above the US$40,000 mark overnight but was unable to trade above its key support level for any sustained period, gaining only 0.32% to US$39,508 over the past 24 hours.

Bitcoin and Ethereum were trading largely sideways on Tuesday morning after sinking to lows over the weekend. After sinking below US$38K on Saturday, the largest cryptocurrency by market value continued to languish below its key support level of US$40,000, giving up 0.6% to US$38,615 over the past 24 hours.

Yuga Labs, the company behind the Bored Ape Yacht Club non-fungible tokens (NFT), caused the Ethereum network to crash temporarily after a sale of metaverse plots of land overwhelmed the blockchain. Some 55,000 plots were sold for an upcoming multiplayer metaverse game called Otherside, with each plot sold at £4,500 or 305ApeCoin, a currency created by the company.

Cryptocurrencies looked set for consecutive red days, as surging inflation and Russia's invasion of Ukraine continued to shake investor confidence and steer them away from riskier assets toward safe havens. In the US, all eyes turned to the Federal Reserve's Wednesday decision on interest rates, which analysts expect to be increased by 0.5 percentage points and therefore make borrowing for consumers harder by further squeezing budgets.

Bitcoin and Ethereum fell on Friday, mirroring global markets, following the decisions of the UK and US to hike interest rates again and the Bank of England's expectation that inflation may rise as high as 10% by the year end as a recession looms. Bitcoin fell 7.9% to US$36,446, a similar loss to that of Thursday's, while its biggest rival by market value, Ethereum, eased 6.3% lower to US$2,745.

Cryptocurrencies were set for their fifth consecutive red day as digital currencies continued to follow in the footsteps of wider markets, especially riskier ones such as technology assets. Bitcoin declined 3.6% to US$33,536 but was slightly outpaced in its fall by its closest rival by market value, Ethereum, which eased 4.2% lower to US$2,451.

eToro's market analyst and crypto expert Simon Peters gives us his weekly crypto and blockchain update, this week focusing on the decline in value of the cryptoasset market. Before we get into Peters' assessment, analyst Josh Gilbert put bitcoin's decline into perspective saying, "Bitcoin had been quite resilient so far in 2022, given the current state of the macro environment - but is now feeling the full effect of the market correction.