Cryptocurrency Markets Experience Downward Movement Amid Macro Headwinds
The cryptocurrency markets saw a decline on Wednesday, resulting in a drop in total market cap by approximately $16 billion to $1.1 trillion. Bitcoin (BTC) experienced a 1.5% drop to around $28,700, while Ether (ETH) dropped 1.1% to just above $1,800 with support from its 200DMA. These downward moves coincide with macro headwinds, including falling US stock markets and rising long-dated US government bond yields and the US dollar. The latest release of the Federal Reserve minutes reveals concerns about potential upside risks to US inflation, suggesting the possibility of further rate hikes.
Main Breakdowns:
- The crypto market experiences a decline, with Bitcoin and Ether dropping.
- US stock markets fall, while bond yields and the US dollar rise.
- The Federal Reserve expresses concerns about US inflation and potential rate hikes.
- Bitcoin’s uptrend is broken, and Ether may drop below its 200DMA.
- Despite negative technicals, there are still opportunities in the market.
Sei and THORChain Remain Promising Investment Options
Sei (SEI) and THORChain (RUNE) are two cryptocurrencies worth considering as investment options. SEI, the token that powers the Sei blockchain, has seen a 20% increase in value, making it one of the top-performing cryptocurrencies in the top 100 by market capitalization. RUNE, the token that powers THORChain’s cross-chain decentralized exchange blockchain, has experienced a slight decline of 6% but remains in a strong uptrend. Both tokens have the potential for future gains.
Toncoin Shows Potential for Growth
Toncoin (TON), the cryptocurrency behind a layer 1 blockchain developed by the team behind Telegram, dropped 6.5% on Wednesday. However, it has still seen a 12% increase in the last seven days, making it one of the best-performing cryptos in the top 100 by market cap. Although it failed to break above resistance at $1.52, finding support at $1.30 could lead to further upward movement.
Consider Crypto Presales for High-Risk-High-Reward Investments
For crypto investors looking to diversify their portfolios, participating in crypto presales can be a high-risk-high-reward investment strategy. These presales offer the opportunity to invest in up-start crypto projects at a low cost. Identifying projects with strong teams and visionary goals can result in significant gains. The article provides a list of 15 recommended crypto presales for investors to consider.
Hot Take
The cryptocurrency market experienced a decline due to macro headwinds, but there are still investment opportunities worth considering. SEI, RUNE, and TON show potential for growth, while crypto presales offer a high-risk-high-reward investment strategy. It is crucial for crypto readers to stay informed and explore different investment options to make the most of the market.
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