Major tokens, including Bitcoin and Ether, experienced significant declines in Asian trading hours on Tuesday. This was influenced by ongoing profit-taking and outflows from U.S.-listed Bitcoin ETFs, which impacted bullish sentiment.Major tokens slid in Asia trading hours Tuesday amid continual profit-taking and another day of net outflows from U.S.-listed bitcoin exchange-traded funds on Monday, pressuring bullish sentiment.fell to $3,400, reversing all of last week’s gains.
“Other factors haven’t helped,” shared Neil Roarty, analyst at investment platform Stocklytics, in an email to CoinDesk. “The political uncertainty triggered by Emmanuel Macron's surprise decision to call a snap election in France further strengthened the dollar as traders exited the euro.” “A strong dollar tends to put downward pressure on Bitcoin,” he said, adding that it would take considerably lower interest rates and a weaker dollar to push BTC closer to the $70,000 mark.
“Ethereum, on optimistic expectations about the ETF, was able to add over 6% after briefly dipping under its 50-day MA on Friday. However, a loss of nearly 1.5% since the start of the day on Monday makes one wary of the near-term performance of altcoins,” he said in a Tuesday email.” “The increased liquidity on weekdays will likely play into the hands of bears rather than bulls by increasing selling interest,” Kuptsikevich ended.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.
Source: News Formal (newsformal.com)
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