Coinpost reported on the cryptocurrency market on the 11th.
According to the US employment statistics for April released by the US Labor Administration on the 7th, it sharply deteriorated to 266,000, which was significantly lower than the market forecast of 978,000. The stock market was a boon as a result of the observation that financial austerity “reduction in the scale of quantitative easing (tapering)” was distant.
However, as the spread of the novel coronavirus vaccine is rapidly progressing in each country, concerns about rising inflation risks and rising U.S. long-term interest rates (US 10-year bond interest rates) are lingering in the financial market. Concerns over tapering are wary of a backflow of funds across risky assets, including stocks and bitcoin, while rising interest rates suggest a shift to more stable bond investments.
On the 5th, as the market fluctuated due to comments suggesting an interest rate hike by U.S. Treasury Secretary Yellen, the stock price plummeted and the cryptocurrency market such as Bitcoin also fell. While the financial authorities are seeking an exit strategy for a soft landing, investors who benefited from the tube bubble are wary.
The cryptocurrency market on the 11th is also showing a weakness in the aftermath of financial market risk off.
Bitcoin did not exceed the $60,000 peak and fell to the $54,000 range, falling below the rising wedge. It is currently $54,776, -7.5% compared to the previous day.
Ethereum (ETH), which had been on a record-high price march, is also being pushed by the market price decline, dropping from $4,200 to $3,650 during the day due to overheating. Currently, it is trading at $3,815, -5.08% compared to the previous day.
Glassnode, a blockchain analyst firm, pointed out that for Litecoin (LTC), which has risen to +25.6% from the previous month, the number of active addresses has increased dramatically since 2021, showing a pattern very similar to the number of active addresses in Ethereum. However, it is showing a decline to $347.13, -14.97% compared to the previous day.
Renowned analyst Rekt Capital (@rektcapital) argued that since mid-2020, the price of Litecoin is highly correlated with the price of Ethereum.
According to the Glassnode report posted on the 3rd, 22.8% of the circulating supply representing the number of cryptocurrencies in circulation was deposited in DeFi (Decentralized Finance) as a smart contract of Ethereum. On the other hand, the amount of Ethereum held by the exchange fell by 12%.
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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.