Major coins traded lower Tuesday night as the global cryptocurrency market cap fell 0.5% to $1.07 trillion at the time of writing.
|Coin||24 hours||7 day||Price|
|cryptocurrency||24-hour % change (+/-)||Price|
|Lido DAO (I WANT)||+12.5%||$2.3|
|Oasis Network (ROSE)||+9.1%||$0.09|
Also see: How to get free cryptography
Why it matters: Risk assets were seen in negative territory on Tuesday night, with two of the largest cryptocurrencies in the red. The S&P 500 and Nasdaq closed 0.7% and 0.2% lower, respectively. Their futures were mostly close to going to press.
Bitcoin’s Third Consecutive Daily Drop Could Be An Indication That “Recovery Momentum Is Decreasing,” Wrote Craig Erlama senior market analyst at OANDA.
His move will likely “ultimately depend on inflation,” the Federal Reserve, and any troubling news, he said.
“Perhaps the hesitation is a sign that traders are not confident that this is a bottom and that the beginning of the good times is returning.”
An important news that could affect the Bitcoin price is the exit of Michael Saylor as CEO of MicroStrategy Incorporated MSTR — the US company with the largest Bitcoin holding company.
Saylor will remain with MicroStrategy as executive chairman, as he said the move will allow him to focus on the company’s Bitcoin acquisition strategy, while the company’s president Phong Lec takes the reins.
The company on Tuesday announced an impairment of nearly $918 million on its BTC treasury reserves in the second quarter as the price of the top coin fell during that period.
Visit of the Speaker of the US House of Representatives Nancy Pelosic to Taiwan is fueling risk aversion, which in turn boosted the dollar index, which rose 0.24% at press time at 106.49.
Cryptocurrency Trader Justin Bennett said cryptocurrency bulls will want the dollar to fall from intraday lows of 105.05 to “expose 103.”
“Tough times for risky assets while intact,” Bennett said in a tweet.
$DXY bounces off the 105 support area I mentioned Monday.
Today’s low so far is 105.05.#crypto bulls will want this channel broken to expose 103.
— Justin Bennett (@JustinBennettFX) August 2, 2022
Bitcoin Tests Resistance, According to Chartist Ali Martinez and a “clean close” above $23,530 allows it to retest the $24,400 supply zone.
I’m leaning towards rejection, but let’s wait for confirmation. https://t.co/IRHlOtnQQ4
— Ali Martinez (@ali_charts) August 2, 2022
On the Ethereum side, transaction costs have remained “ultra-low” even as the price of the second-largest cryptocurrency soared since mid-June, Santiment said.
#Ethereum‘s transaction costs have remained ultra low despite the price increase since mid-June. Scarcity of print run has played a major role in lower costs, and fees are expected to remain reasonable up to a reasonable level. #FOMO comes in from the crowd. https://t.co/mN3CQOhCo4 pic.twitter.com/t3bCibhWvN
— Santiment (@santimentfeed) August 2, 2022
“The scarcer print run has played a large part in the lower costs, and fees are expected to remain reasonable up to a reasonable level. [FOMO] kicks in from the crowd,” the market intelligence platform said in a tweet.
At the time of writing, Ethereum’s average transaction fee was $0.0014 or $2.28, according to data from BitInfoCharts.
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