Bitcoin, Ethereum, Dogecoin get fearful of inflation – Analysts expect short-term pain – Bitcoin – US Dollar ($ BTC)

Bitcoin (CRYPTO: BTC) slumped nearly 5% on Monday evening as global cryptocurrency market cap plunged 4.39% to $ 2.74 trillion.

What happened: The Apex coin traded 4.99% lower at $ 62.724.09 in the last 24 hours at press time. For the week, BTC is down 7.31%.

ether (CRYPTO: ETH) fell 4.84% to $ 4,456.83 in 24 hours. It has shrunk by 7.03% over a period of seven days.

Dogecoin (CRYPTO: DOGE) fell 4.06% to $ 0.25 in 24 hours. The meme cryptocurrency is down 10.33% in the past seven days.

Rival Shiba Inu fell 1.3% to $ 0.00005218 in 24 hours. Over the week it has lost 6.28% of its value.

Top 24-hour winners included UMA, Huobi Token, and Revain, according to CoinMarketCap data.

UMA rose 21.47% to $ 20.19, Huobi Token rose 3.67% to $ 10.35, and Revain rose 3.57% to $ 0.0154 over the reporting period.

See also: How To Buy Bitcoin (BTC)

Why it matters: Expectations that the US Federal Reserve might turn Hawkish have pushed the US dollar currency index to 95.437, its highest level since July 2020, Reuters reported.

The index is a measure of the dollar’s strength against a basket of six of its benchmark currencies. The rise in the dollar comes against the backdrop of rising prices, with the consumer price index at its highest level in 30 years.

The S&P 500 closed almost unchanged on Monday. It was down 0.0011% to 4,682.80. The Nasdaq followed the same course – down 0.045% to 15,853.85.

The “turmoil in traditional markets has impacted crypto,” Kaiko Research, a provider of cryptocurrency market data, said in a newsletter.

“Bitcoin reversed course when major US stocks tumbled in a sharp turnaround from risk-taking to risk-taking,” wrote Kaiko research.

Bitcoin appears to have largely dismissed “Taproot” – the first major upgrade of the Apex coin network in four years.

“Bitcoin pricing was supported after a major weekend upgrade paved the way for smart contracts to be deployed directly. It’s a nice upgrade for Bitcoin, but it won’t really deter the use of smart contracts from Ethereum and Solana, ”wrote Edward Moya, Oandas senior market analyst, in an email note.

Bitcoin is still primarily a “store of value” trade, according to Moya, and should benefit from inflationary pressures.

There are some voices among analysts who believe that investors are facing some problems in the short term.

Amsterdam dealer Michael van de Poppe said he was very bullish on BTC in the medium and long term, but “weekly doesn’t look great, and neither does daily.”

I am ready for the day.

Still stay strong bullish on #Bitcoin in the medium and long term, but weekly doesn’t look great and neither does daily.

Just be realistic.

To be flamed hard for that, great. Keep going. Keep frying.

Back tomorrow.

Have a nice evening.

– Michaël van de Poppe (@CryptoMichNL) November 15, 2021

Cryptocurrency trader Lark Davis found that ETH “broke its upward trend”.

#ethereum has broken its uptrend, the next big area of ​​price support is $ 4,000!

– Lark Davis (@TheCryptoLark) November 16, 2021

Read on: IoTex, Loopring, Litecoin and more: These were the cryptos with the highest gains in the last week

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