According to a source, cryptocurrency exchanges reported ETH sales for a value of US $ 1.8 billion last week, the highest output flow since December 2022
The market of cryptocurrencies crosses strong depression. The Bitcoin (BTC) continues its fall and sustains slightly above the US $ 81,000, according to Binance, after having touched the US $ 76,000, levels not seen from the Donald Trump’s electoral victory last November. In this context, Ethereum also yields more than 8% and drills US $ 2,000, au $ 1,905. The last time ETH was at these levels was at the end of 2023.
According to Intotheblock, a platform specialized in cryptocurrency analysis, cryptocurrency exchanges reported ETH sales for a value of US $ 1.8 billion last week, the highest output flow since December 2022, when the cryptocurrency market lived a crisis after the FTX collapse. The Altcoins also continue to decrease, up to 4.7%of the hand of Bitcoin Cash, Chainlink (-4.1%) and Dogecoin (-3.7%).
The Trump era complicated cryptocurrencies: the correlation with Wall Street grows
These casualties occur after another negative day at Wall Street, Where Dow Jones and the S&P 500 fell more than 2%, and Nasdaq, with strong technological weight, collapsed 4%. Currently, cryptoactives maintain a high correlation with this last index. According to Kevin Guo, director of Hashkey Research, “cryptocurrencies continue to reflect the bearish trend of US actions,” a movement that intensified in recent days due to adverse macroeconomic data and The uncertainty generated by the policy of President Donald Trump.
The president contributed to the Volatility with its constant changes in tariff matters and ambiguous statements. In fact, market fear of a possible recession in the US increased, and Trump did not completely rule out this scenario. During an interview with Fox News The weekend, He avoided giving a clear response about the country’s economic stability and just pointed out that he is going through a “transition period”. Although his secretary of Commerce, Howard Lutnick, tried to dissipate doubts, the damage was already done and the feeling of risk aversion was deepened.
From the QCP Capital coverage fund they warn that, while the Crypto market does not find a new narrative, its correlation with the variable income will remain high in the short term. “Both risk assets are close to their recent minimums, and with persistent tariff uncertainty, volatility could increase as new key economic data is published in the US,” they said.
Tomorrow, the February consumption price index (CPI) will be known, a key fact for the monetary policy of the Federal Reserve (FED). Last week, the Beige book From the Central Bank already anticipated an inflationary rebound due to the impact of tariffs.
The novelties in the crypto world did not convince investors
On the other handrecent novelties on cryptocurrencies failed to convince investors. The plan to create a strategic Bitcoin reserve was received with skepticism, since does not foresee new purchases of digital assets and will be composed exclusively of cryptoactive Seized by the US government “even key figures from the crypto sector, which could have been benefited, have criticized this measure,” said David Morrison, Senior Analyst of FCA.
Besides, The first Crypto White House summit left few certainties. Only the intention to establish a regulatory framework for the Stablecoinswith possible approval in August, and the promise of a more flexible regulation. “Trump owes nothing to the Bitcoiner community for his support. If you want anything else, they will now have to negotiate, ”said Jeff Park, director of strategies of the Bitwise Fund. According to the expert, “we ask too little: just include bitcoin in the reserve and exclude Altcoins is not a victory; ‘Explore’ or ‘study’ regulations either; And ‘not selling’ is not an achievement. None of this required an executive order. ”
In the technical analysis, César Nuez, of BolsamaníaHe said it is crucial to monitor the level of $ 78,675. “A closure below this threshold would confirm a bearish technical signal that could indicate a change in tendency in Bitcoin,” he warned.
Source: Ambito
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