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Saturday, March 2, 2024

Bitcoin, Ethereum, Dogecoin Rise Amid Recession Fears

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Major cryptocurrencies were trading in the green on Tuesday evening despite concerns of a looming recession.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Bitcoin BTC/USD +0.76% $27,194
Ethereum ETH/USD +1.55% $1,832
Dogecoin DOGE/USD +2.82% $0.073

What Happened: Bitcoin persisted to climb above the $27,000 mark as investors closely monitored the ongoing debt ceiling negotiations in Washington. The Treasury Secretary, Janet Yellen, had cautioned that the US could potentially exceed the debt limit as soon as June 1, and warned of a possible recession should a default occur. 

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EST)
Decentraland +11.32% $0.5178
Conflux +10.57% $0.3171
Render Token +10.31% $1.97
Top 24 Hour Gainers

At the time of writing, the global crypto market capitalization stood at $1.13 trillion, an increase of 0.75% over the last day. 

The U.S. stock market on Tuesday closed with losses as the concerns of potential default weighed heavily on investors. The S&P 500 and Nasdaq Composite experienced respective decreases of about 0.6% and 0.2% during the regular session.

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See More: Best Crypto Day Trading Strategies

Analyst Notes: According to pseudonymous crypto analyst Credible Crypto, it is likely that any altcoin pumps in the following weeks will turn out to be traps. The same goes for any rise in ETH/BTC or bounces in altcoins, as they will probably end up being sold for Bitcoin. Credible Crypto suggests this is because “BTC is prepping for its next leg up and there simply isn’t enough liquidity to go around.”

Mark Yusko, Founder and CEO of Morgan Creek Digital, has reaffirmed his prediction of an impending digital asset bull market. During a recent interview with Blockworks Macro, Yusko admitted that his original forecast of a bull market beginning in April was a bit hasty. Instead, he believes that a surge in the crypto market, or what he calls “crypto summer,” will take place in mid-June.

According to Yusko, Bitcoin is now in a position to ignite a big breakout as it prints a technical reversal pattern. “And if you look at the chart, it’s like a beautiful inverse head and shoulders at $27,000. And so, it’s a really interesting technical pattern. And you know, I think we need to see some good news to get the momentum going.”

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Crypto analyst Justin Bennett said that we can expect a correction in the near future as a result of numerous long liquidations in the ETH market. Bennett suggests that the thick resistance levels may lead to a drop in price, potentially landing in the range of $1,450-$1,500.

Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users



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