Crypto-Follow logo Crypto-Follow logo
Seeking Alpha 2022-04-04 19:14:29

Bitcoin, ether, other cryptos edge lower despite stock market rebound

Bitcoin (BTC-USD), Ethereum (ETH-USD) and other cryptocurrencies are slipping in midday trading Monday even as a broad spectrum of risk assets trade firmly higher. Bitcoin (BTC-USD) is drifting lower by 1.5% to $45.7K intraday, though still trading above near-term and long-term simple moving averages. Bitcoin's "short-term momentum turned negative, which typically occurs during the first week of the month," CoinDesk reported Monday. As for ether (ETH-USD), the second largest digital token by market cap is off by 0.3% to $3.47K in the past 24 hours and is also changing hands well above short- and long-term SMAs. See why SA contributor John Miller views ETH with a Buy rating. While cryptos' positive correlation with U.S. stocks have proven to be strong for the better part of the past year, digital assets are currently being outpaced by the three major stock market indices, with the tech-heavy Nasdaq (COMP.IND) +1.7%, S&P 500 (SP500) +0.6% and Dow Jones (DJI) +0.3% all in the green. More cryptos: binance

#
Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer