Bitcoin, Ethereum, Dogecoin drop as selling frenzy persists

Major coins came under further selling pressure on Tuesday as crypto markets were once again swept into a selling frenzy.

Cryptocurrency Earnings (+/-) Price (8:30 p.m. EST)
Bitcoin -0.80% $23,232
Ethereum -1.08% $1,612
Dogecoin -0.93% $0.081

What happened: Apex Cryptocurrency Bitcoin (CRYPTO:BTC) was trading above $23,000. Ethereum (CRYPTO: ETH) was trading at $1,612. Dogecoin (CRYPTO:DOGE) is at $0.081, down 0.93% in the last 24 hours.

CoinGlass data reveals that in the last 24 hours, 30,696 traders were liquidated, resulting in a staggering total of $69.92 million in liquidations.

At the time of writing, the global crypto market capitalization stood at $1.06 trillion, down 1.00% in the last 24 hours.


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US stocks closed lower on the last day of February. The S&P 500 fell 0.3% and the Nasdaq Composite 0.1%. However, both indexes are still up so far this year, with the S&P 500 having a positive return of 2.61% and the Nasdaq Composite a gain of 1.11%.

Traders could closely watch the initial jobless claims figures, which are expected to be released on Thursday, for a crucial insight into the state of the economy.

See more: Best Crypto Day Trading Strategies

News Highlights: Bored Ape Yacht Club (BAYC) creator Yuga Laboratories said on Monday that it was creating an NFT collection to be minted on the Bitcoin-based Ordinals protocol.

Nishad Singhformer chief technical officer of FTX, has agreed to plead guilty to criminal charges brought against him by U.S. prosecutors as part of an investigation into the activities of the founder of FTX Sam Bankman Fried. Singh’s guilty plea comes after a thorough investigation into suspicious activities by members of Bankman-Fried’s inner circle.

Analyst Notes: Pseudonymous merchant DonAlt believes markets are on the verge of a monumental moment as Bitcoin’s monthly close approaches. The analyst claims that Bitcoin is close to breaking the critical resistance level of $23,100, signaling that the 2023 rally is still ongoing.

“If we close above (monthly resistance), I might see a bit of a chop next month. But in general, I would expect (BTC to go back up) again. So I’m going to be pretty happy with my positioning .

Crypto analyst Michael van de Poppe said the idea that Bitcoin is uncorrelated in the US and more correlated with China is “the biggest bullshit” he has heard this year.

Pseudonymous analyst Caleo expressed a firm belief that Bitcoin will soon reach an all-time high of $30,000. However, he also noted that if the lows from several days ago are swept away, we might see a different trajectory for BTC.

Read more: Web3 token overtakes Bitcoin and Ethereum in weekly gains with Microsoft tie up 33%

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