Gold Prices Continue to Rise on Hedging, and Cryptocurrencies Remain “Below”

After the decline in crypto last week, the global crypto market remained low on Monday.

After the decline in crypto last week, the global crypto market remained low on Monday. According to the press release, Bitcoin fell 3.82% to $34,505, Ethereum fell 7.97% to $2,332, and Solana (SOL) fell more than 18%. At the end of last week, Bitcoin fell to $34,042.77, down more than 50% from its all-time high in November.

Gold, on the other hand, has done well in recent days as a risk-averse support. According to press reports, the hot spot edged up 0.35% to $1,841 an ounce and was up 1.3% last week. It should be noted that the world's largest gold ETF, SPDR Gold Shares, reported its biggest profit (about $1.63 billion) since its IPO on Friday 2004, luring investors to buy gold large size.

The Fed's "hawkish" rate hike, the introduction of new rules by the White House, and the possibility of getting out of the box prohibiting mining and circulation of cryptocurrencies in Russia have all had an impact on the market. cryptocurrency exchange with the loss of Ethereum. A new generation of cryptocurrency with more than Bitcoin.

Zhitong Financial app reported that over the past 7 trading days, the price of Bitcoin has fallen by around 18%, while the price of Ethereum has fallen by 25%, and Solana cryptocurrencies (SOL) and Avalanche (AVAX) fell further. . More than 30%. According to CoinMarketCap stats, “Meme” The cryptocurrency crash was the same, with Dogecoin dropping 19% and Shiba Inucoin dropping 25% at the same time.

Leigh Drogen, an analyst at Starkiller Capital, said in an interview that cryptocurrency is "an asset-backed and volatile asset...dangerous because we've become so preoccupied with the growth of global markets."

Pay close attention to the ETH/BTC ratio

RBC Capital Markets analyst Amy Wu Silverman said the key indicator to watch is the price ratio of Ethereum to Bitcoin. Ethereum's relative value to Bitcoin recently fell to its lowest level since October last year, after trading above 0.07 for several months.

In a statement on Saturday, Wu Silverman said: "Right now we are in the midst of a defense and all cryptocurrencies have nowhere to hide. The next level is 0.055." "The ETH (Ethereum) / BTC (Bitcoin) ratio is trading in the 0.055-0.088 range, so it should remain at the 0.055 level."

Ethereum's decline against the world's largest cryptocurrency by market capitalization is also due to Genesis World Trade Inc. Noelle Acheson, director of trade research, said she warned that Ethereum was more vulnerable to the risks of a macro-level health-focused exchange than Bitcoin. .

Achon writes by email. "It makes me miss that Bitcoin is a trap that is at risk of falling at risk.%."