Major traded coins shuffled Monday night after reports said the cryptocurrency exchange Gemini cut another 10% of its workforce.
What happened: Largest cryptocurrency by market value Bitcoin BTC/USD was trading below $23,000. Ethereum ETH/USD was trading at $1,630. Dogecoin DOGE/USD was down 0.65% in the past 24 hours, trading at $0.088.
US stocks closed on a positive note with strong optimism that the Federal Reserve will take steps to reduce its aggressive monetary policy. Technology-centric Nasdaq The composite index rose 2%, while S&P500 and the Dow Jones Industrial Average (DJIA) climbed 1.1% and 0.7%, respectively.
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Geminithe crypto asset exchange backed by the Winklevos twins, was swept away by the bankruptcy of the crypto credit giant Genesis Global Capital. As a result, Gemini was unable to provide funds to its Earn account holders, leaving behind over $900 million in debt. This caused tension between Gemini and its parent company, Group of digital currencies.
“An ice age was supposed to happen considering everything that has gone wrong for crypto this year. Months of cleaning up the FTX mess were expected, but after losing over 60% last year, Bitcoin pessimism was exhausted. Even struggling companies like Bitcoin Miner Argo are staging a comeback and look set to return to the Nasdaq. Bitcoin has tentatively found a home above the $22,500 level as risk appetite remains healthy. A lot could still go wrong for the wider market and if that happens, it will be interesting to see how the crypto reacts,” said Edouard Moyasenior market analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Michael van de Poppe predicted that given the current bullish momentum and emerging bearish divergence, Bitcoin could fall to a price of $21,410.
Rect Capital, a pseudonymous analyst, suggested that Bitcoin’s performance could be seriously threatened if the current level of around $23,400 does not act as support.
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