Seeking Alpha
2022-01-28 18:22:00

Bitcoin, ether hold onto slight gains as global crypto market cap ticks higher

The global cryptocurrency market takes a breather intra-day as bitcoin (BTC-USD) and ethereum (ETH-USD) edge higher, and appeared to have bottomed on Monday. Bitcoin (BTC-USD) troughed at $32.8K on Monday following a steep sell-off that occurred in the wake of Russia's proposal on banning digital assets, in addition to the Securities and Exchange Commission's rejection on SkyBridge Capital's Spot Bitcoin exchange-traded fund. Ether (ETH-USD) also confirmed support at $2.1K on the same day. For bitcoin (BTC-USD), "the only bullish argument here is if it can recover back to 41 and do so quickly," @allstarcharts writes in a Twitter post. Recent price volatility taking hold across a wide variety of risk assets, such as stocks, could continue to weigh on crypto prices, as liquidity seems to be rotating out of growth-oriented assets. And the Biden administration's proposed national security memorandum, along with other regulatory tensions evolving around the space, are developments

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