Stylin Dredz Creative Conquerors Continues To Open Up The Industry For…Upsides of Social Media MarketingThe crypto market is losing about 4.5% from its peak on Friday, having reversed to the downside after news positive for the dollar. Another batch of labour market figures well above expectations has raised doubts that the Fed will soon follow the ECB and Bank of Canada in cutting rates. This shift in sentiment has reduced risk appetite, hurting cryptos.
At the same time, Ethereum is sending a very worrying technical signal. Timid attempts to move up from consolidation around $3800 were replaced by a very impressive sell-off. The second-largest cryptocurrency fell below the previous local lows to $3650. The next potentially important support area could be $3300, an important pivot area from March.The number of bitcoins in IBIT, a spot ETF from BlackRock, has surpassed 300,000.
Ex-CEO of BitMEX Arthur Hayes called for buying bitcoin because the rate cut cycle is starting. Last week, the ECB and Bank of Canada lowered their key rates by 25 bps. According to him, “Crypto bulls are waking up and are about to start tearing the skins off profligate central bankers.”