After a wild week, bitcoin - for the moment - is clinging to the $30K level as the Terra saga drags on. LedesmaLyllah reports in this morning's First Mover Americas.
token, which took a steep hit on Thursday as the wider market fell, trading as low as $35, is now up 15% on the day and trading at around $51. Cardano's ADA is trading up 20% on the day, and Avalanche’s AVAX is up 24%.
In traditional markets, the Dow Jones Industrial Average fell for a sixth straight day, and the S&P 500 took a 19.4% hit from its high of 4,800 in January. The S&P 500 is now at 3,868, and according to a popular rule of thumb used by investors, a dip of 20% or more signals the start of a bear market.
Robinhood shares soared after a new filing revealed that Sam Bankman-Fried, CEO of crypto exchange FTX, took a 7.6% stake in the company.According to Florian Giovannacci, head of trading at Covario AG, the crypto market rebound over the last 24 hours for BTC and altcoins is “more a technical bounce following over the top bearishness/capitulation and leveraged short positioning being liquidated .”
He said that today’s increase in price for crypto assets will “definitely help sentiment but there’s no news out there to really mark a definitive change of mood.” Looking forward, despite trading in the green for a number of assets on the day, Giovannacci said correlation to U.S. equity is a key factor for BTC’s price.The top 10 coins by market capitalization show mostly gains over the last 24 hours.
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