Bitcoin, Ethereum, Dogecoin Mixed Amidst Gemini Job Cuts
Major coins traded mixed on Monday night after reports said the cryptocurrency exchange The twins cutting another 10% of the workforce.
| Cryptocurrency | Gains (+/-) | Price |
|---|---|---|
| Bitcoin | +1.01% | $22,984 |
| Ethereum | -0.44% | $1630 |
| Dogecoin | -0.65% | $0.088 |
What happened: The largest cryptocurrency by market capitalization Bitcoin BTC/USD traded under $23,000. Ethereum ETH/USD was traded for $1,630. Dogecoin DOGE/USD was down 0.65% in the last 24 hours, trading at $0.088.
US stocks closed at a high level on strong optimism that the Federal Reserve will take steps to reduce its aggressive monetary policy. The technology-centric Nasdaq Composite rose 2%, while S&P 500 and Dow Jones Industrial Average ( DJIA ) climbed 1.1% and 0.7%, respectively.
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The twinsthe exchange of cryptoassets backed by Winklevoss twins, has been swept up in the bankruptcy of the crypto lending giant Genesis Global Capital. As a result, Gemini has been unable to deliver funds to its Earn account holders, leaving over $900 million in debt. This caused tension between Gemini and the parent company, Digital currency group.
“An ice age was going to happen given everything that went wrong for crypto this year. Months of cleaning up the FTX mess was expected, but after losing over 60% last year, Bitcoin pessimism was exhausted. Even struggling companies like Bitcoin Miner Argo stages a comeback and looks poised to return to the Nasdaq.Bitcoin has for now found a home above the $22,500 level as risk appetite remains healthy.A lot can still go wrong for the broader market, and if it does, it will will be interesting to see how crypto reacts,” said Edward Moyaa senior market analyst at OANDA, in a memo seen by Benzinga.
Cryptanalyst Michael van de Poppe has predicted that, given the current bullish momentum and the emergence of bearish divergence, Bitcoin could fall to a price of $21,410.
Rec Capital, a pseudonymous analyst, has suggested that Bitcoin’s performance could be in serious danger if the current level of around $23,400 does not act as support.
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