Cryptomarket Seems Not To Lose That Much as Bitcoin decreases by 0.7%, ETH by 1.8% and Luna Gains 4.3%

Crypto Airdrop - Explanation - How Does It Work?

Bitcoin fell 0.7% on Thursday, ending the day around $36,800. Ethereum lost 1.8%, while other leading altcoins in the top 10 showed mixed dynamics from a 1.5% decline (Solana and Polkadot) to a 4.3% rise (Terra).

Total crypto market capitalisation, according to CoinGecko, added 0.2% to $1.79 trillion overnight. Bitcoin’s dominance index remained unchanged at 39.2%.

Most cryptocurrencies were under pressure from declines in US tech stocks on Thursday.

A weak report from Meta (Facebook) was published the day before, and the company’s shares lost more than 26% on the day, with the high-tech Nasdaq down almost 4%.

Bitcoin is subdued as it chooses its future trend - 1

The correlation between bitcoin and the Nasdaq stock index has recently reached a new high.

The first cryptocurrency was also hit by a shutdown of mining farms in Texas, caused by bad weather and a snowstorm. The state leads bitcoin mining in the US, accounting for about half of all BTC hash rates.

Bitcoin volatility has fallen to 15-month lows in recent days. With the comparative performance of traditional financial markets, bitcoin has managed to add around 2.9% since the start of the day on Friday, reaching 38,000 and again testing the upper limit of the downward channel. However, the first cryptocurrency will need to break the key $40,000 level to confirm bullish sentiment. Otherwise, the pressure on BTC will continue and may even intensify.

The developers of the 14th cryptocurrency, Shiba Inu, have partnered with fast-food restaurant Wellu’s of Naples, Italy. The restaurant will use SHIB as a means of payment and has also fully rebranded its outlet in token style.

Crypto Airdrop - Explanation - How Does It Work?

Alex Kuptsikevich

Financial market professional with 16-years' experience and Senior financial analyst at FxPro. Author of daily reviews on the impact of economic events with comments regularly featured in top international and Russian media. Covers fundamental analysis, global markets, foreign exchange market, gold, oil, cryptocurrencies.

Alex Kuptsikevich is a regular contributor to both digital and print media including CNBC, Forbes, Reuters, MarketWatch, BBC and Coindesk.