Cryptocurrencies Fade on News That Powell Will Be Renominated As Fed Chairman

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Cryptocurrencies Fade on News That Powell Will Be Renominated As Fed Chairman

By Damanick Dantes

Bitcoin traded lower on Monday after buyers failed to sustain a weekend rally toward $60,000. The cryptocurrency was trading at around $56,000 at press time and is down about 5% over the past 24 hours.

Equities and cryptocurrencies initially ticked higher earlier during New York trading hours after U.S. President Joe Biden said he will renominate Federal Reserve Chairman Jerome Powell, following some speculation that Fed Governor Lael Brainard could replace Powell to lead the central bank for the next four years.

For now, some analysts view the current pullback in cryptocurrencies as a normal occurrence after a strong rally over the past month.

“With bitcoin and other crypto assets having reached fresh all-time highs, there was always likely to be a measure of profit-taking from investors, which then translates into price weakness,” Simon Peters, an analyst at eToro, wrote in an email to CoinDesk.

Latest Prices

  • Bitcoin (BTC): $55,898, -6.17%
  • Ether (ETH): $4,065, -7.19%
  • S&P 500: $4,682, -0.32%
  • Gold: $1,804, -2.14%
  • 10-year Treasury yield closed at 1.62%

As bitcoin buyers take some profits, equities appear to be holding up. The S&P 500 is up about 4% over the past month, compared with a 7% decline in BTC over the same period.

The chart below shows the recent decline in the 60-day correlation between bitcoin and the S&P 500. The short-term disconnect between the cryptocurrency and the stock index suggests that investors still have an appetite for risk even as some have reduced exposure to crypto.

Bitcoin funds attract fresh capital

Digital asset investment products saw inflows of $154 million last week despite the recent sell-off across cryptocurrencies. The rise in fund inflows reflects strong investor appetite for crypto exposure.

The recent futures-based bitcoin exchange-traded fund launches in the U.S. accounted for 90% of inflows into bitcoin products last week, according to a report by CoinShares.

Ethereum investment products saw inflows of $14 million last week, marking their fourth consecutive week of inflows. Other alternative cryptocurrency products, such as cardano, saw minor outflows last week.

Altcoin roundup

  • Shiba Inu slips in Coinbase volume rankings: SHIB accounted for 6.72% of the total volume on the crypto exchange, slipping to the third position behind bitcoin and ether, Coinbase Institutional’s weekly email dated Friday shows.
  • Metaverse gaming, NFTs could account for 10% of luxury market by 2030: Morgan Stanley notes that luxury brands are already exploring collaborations with gaming and metaverse platforms, with an increasing number of revenue sharing deals, and that could add $10 billion-$20 billion to the luxury sector’s total addressable market, CoinDesk’s Will Canny reported.
  • Algorand project raises $3.6M: C3 Protocol, a cryptocurrency trading project linked to the Algorand blockchain, raised $3.6 million in a funding round that was led by Arrington Capital and Jump Capital, CoinDesk’s Ian Allison reported. Algorand’s ALGO token is down about 6% over the past month, compared with a 7% decline in BTC and a 1% rise in ETH over the same period.

Other markets

Most digital assets in the CoinDesk 20 ended the day lower.

Notable losers as of 21:00 UTC (4:00 p.m. ET):

  • The Graph (GRT), -8.61%
  • Litecoin (LTC), -8.35%
  • Chainlink (LINK), -8.35%

Planning for crypto investment then visit cryptocurrency exchanges to easily buy and sell crypto.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Truthbook.social offering hundreds of thousands in giveaways for those joining its new social media platform as many desert Facebook in droves because of censoring

Here is some of the current incentives being offered to new users

Join www.truthbook.social our new social media platform backed by Independent Media. where you can speak the truth, and not be banned. Plus you'll receive $50 USD in www.truthcoin.social,the crypto currency backing the project, when you join, plus a lot more for sharing posts. www.truthbook.social

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

For ANR Smaller Donors please donate below to help fund our critical not for profit work. Together we can defeat mainstream media.

We are a not for profit Independent Media Company which survives off donations, even as little as $5 per month . Please donate now to help fund our work

Truthcoin Offer

$1000 USD turns into Now $6000 Truthcoin
$2,500 USD turns into Now $25,000 Truthcoin
$5000 USD turns into Now $65,000 Truthcoin
$10,000 USD turns into Now $150,000 Truthcoin
$15,000 USD turns into Now $250,000 Truthcoin
$50,000 USD turns into Now $1.15 Million Truthcoin
$100,000 USD turns into Now $2.5 Million Truthcoin

Leave a Reply

Your email address will not be published.

Play Video

McIntyre Report
Political Talk Show

We are a not for profit Independent Media Company which survives off donations, even as little as $5 per month . Please donate now to help fund our work

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Current Price of Bitcoin 2.0
0.10 on Azbit

Nurses Speak Out

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY