Bitcoin, Coinbase and the U.S.: What is moving the crypto market today
Ethereum has gained about four percent over the past 24 hours and is now trading at US$2,700.
Ethereum has gained about four percent over the past 24 hours and is now trading at US$2,700. The market capitalization of the second-largest cryptocurrency stands at $327 billion.
Bitcoin’s dominance remains strong at nearly 60 percent, while Ethereum’s market share in the crypto sector has fallen by five percent over the past year to just ten percent. The expected altcoin season has yet to materialize; altcoins remain under pressure. Are we already in a bear market?
Jerome Powell’s testimony before the Senate committee on February 11 had a major impact on the crypto market this week. Powell ruled out further rate cuts for now, dashing investors’ hopes for cheaper money and more liquidity.
Inflation data released yesterday, February 12, also affected the market. In the first reaction, Bitcoin fell sharply to US$94,300.
On this February 13, investors are eagerly awaiting Coinbase’s quarterly results, one of the largest crypto exchanges in the U.S. This will likely affect not only COIN’s share price, but tokens in the Base ecosystem, Coinbase’s own Ethereum Layer-2 solution, may also react with heightened volatility.
In addition, the U.S. producer price figures released today at 2:30 p.m. (CET), if they come in unexpectedly far below expert forecasts and below December’s reading, could have a positive effect on both the stock and crypto markets. More on that here: Market overview.
NAVX investors, a Telegram AI trading bot cryptocurrency, are expecting a token unlock today. In the past, the price fell ahead of the unlock but rose significantly afterward. More on what token unlocks are here: Introduction to tokenomics.
