Major coins were trading mixed on Monday night after reports said the cryptocurrency exchange Twins reduced another 10% of its workforce.
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What happened: The largest cryptocurrency by market value Bitcoin BTC/USD traded below $23,000. Ethereum ETH/USD it traded for $1,630. Dogecoin DOGE/USD is down 0.65% in the last 24 hours, trading at $0.088.
US stocks closed on high optimism that the Federal Reserve will take steps to reduce its aggressive monetary policy. Technocentric Nasdaq Composite rose 2%, while S&P 500 and the Dow Jones Industrial Average (DJIA) rose 1.1% and 0.7%, respectively.
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Twinssupported crypto asset exchange Winklevoss twins, has brought the cryptocurrency giant into bankruptcy Genesis Global Capital. As a result, Gemini was unable to deliver funds to its Earn account holders, leaving behind over $900 million in debt. This caused tension between Gemini and its parent company, Digital Currency Group.
“An ice age was about to happen given everything that went wrong for cryptocurrencies this year.” Months of cleaning up the FTKS mess were expected, but after losing over 60% last year, Bitcoin’s pessimism has worn thin. Even struggling companies like Bitcoin Miner Argo are making a comeback and seem poised to return to the Nasdaq. Bitcoin has tentatively found a home above the $22,500 level as risk appetite remains healthy. A lot more could go wrong for the broader market and if it does, it will be interesting to see how crypto reacts,” he said Edward Moyasenior market analyst at OANDA, in a note seen by Benzinga.
Crypto analyst Michael van de Poppe predicted that given the current bullish momentum and the emergence of a bearish divergence, Bitcoin could fall to the price of $21,410.
Rect Capital, pseudonymous analyst, suggested that Bitcoin’s performance could be in serious danger if the current level around $23,400 does not serve as support.
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