Cryptocurrencies are falling in the news that Powell will be re-elected as Fed chairman.

After buyers failed to keep Bitcoin's weekly rallies above $ 60,000, the cryptocurrency fell again in trading on Monday. According to the press release, the cryptocurrency is trading at around US $ 56,000, down around 5% in the past 24 hours.

Stock markets and cryptocurrencies began to rise during the New York Stock Exchange. Although President Biden previously announced he would re-elect Fed Chairman Jerome Powell, former analysts have predicted that Fed Chairman Bryant Powell will become bank chairman within the next four years.

Now some analysts believe the current cure is the same after a strong comeback last month.

Simon Peters, analyst at eToro, said in an email to CoinDesk: “As Bitcoin and other crypto assets affect all-time highs, investors still have the option to buy and see some benefit. The cost won't be. so not high. ”He says.

current value

Meanwhile, Bitcoin buyers receive part of their benefits in cash. On the other hand, the product market is also strong. The S&P 500 was up 4% in the previous month, while BTC was down 7% in the same period.

The graph below shows the decline in the 60-day relationship between Bitcoin and the S&P 500 index. The short-term volatility of cryptocurrencies and the stock market shows that although some people are reducing their investments in cryptocurrencies , investors still have a certain preference for risky assets.

Bitcoin Fund raises new capital

Despite all the recent declines in the cryptocurrency market, there was still an inflow of $ 154 million in cryptocurrency assets last week. Profit growth has highlighted investor desire for cryptocurrency risk.

The recently launched futures-based Bitcoin exchange in the United States accounted for about 90% of entry into the Bitcoin market last week, according to CoinShares.

The capitalization of Ethereum capital products last week was $ 14 million, fulfilling good results for the fourth week. Other cryptocurrency traders, such as Cardano, experienced cash outflows in the past week.

Presentation of Altcoins

SHIB's Coinbase Trading Volume Rank Down: According to a weekly email from the Coinbase organization on Friday, SHIB accounts for 6.72% of all cryptocurrency trading volumes, ranking third after Bitcoin and Ethereum .

By 2030, Metaverse games and NFTs could represent 10% of the luxury market. CoinDesk's Will Canny notes that Morgan Stanley pointed out that luxury is exploring partnerships with gaming platforms and Metaverse. The economy has grown from $ 10 billion to $ 20 billion.

Algorand Project Funding $ 3.6 Million: According to CoinDesk's Ian Allison, Protocol C3, the cryptocurrency market involved in Algorand's blockchain, raised $ 3.6 million in the financial environment conducted by Arrington Capital and Jump Capital. Algorand's ALGO tokens fell 6% in the previous month, while BTC rose by 7% and ETH by 1% in the same period.