Crypto Daily: Is V-Shaped Recovery In The Cards For Bitcoin, Why Ethereum Is Rising Amid Bearish Sentiments And More – Bitcoin – United States Dollar ($ BTC)

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Bitcoin (CRYPTO: BTC) was trading above the $ 50,000 mark at time of publication as the global cryptocurrency market cap rose 2.31% to $ 2.40 trillion .

What happened: The apex cryptocurrency traded flat on Wednesday night. BTC was down 0.39% on a 24-hour basis to $ 50,533.69. It fell 11.14% over a seven-day period.

Ethereum (CRYPTO: ETH) rose 2.58% over 24 hours to $ 4,450.18. Over a seven-day period, it fell 2.37%.

Meme Dogecoin cryptocurrency (CRYPTO: DOGE) rose 1.35% to $ 0.18. Over the week, it was down 13.13%.

Shiba Inu traded 2.05% higher over 24 hours at $ 0.00003718. In the past seven days, it has lost 12.72% of its value.

According to data from CoinMarketCap, the top three 24-hour winners were WAX, Immutable X, and NEAR Protocol.

WAX jumped 35.1% to $ 0.6499, Immutable X appreciated 22.96% to $ 6.42 and NEAR Protocol gained 17.73% to $ 9.15 over the period.

See also: How to buy Ethereum (ETH)

Why it matters: Researchers in South Africa have found that people who have received three injections of the Pfizer Inc (NYSE: PFE) and BioNTech SE (NASDAQ: BNTX) vaccine could fend off the Omicron variant of the COVID-19 virus, according to an earlier report.

Marcus Sotiriou, analyst at UK-based digital asset broker GlobalBlock, noted that in the short term, cryptocurrency markets are still correlated with equity markets, especially in technology, with fears of ‘Omicron in the background.

“This does not mean that we will see a V-shaped rally in the price of Bitcoin or that the largest digital asset by market cap is still out of the woods. With the speed at which Omicron is spreading, I think this can still cause short-term fear and volatile price action. “

Meanwhile, the CEOs of six cryptocurrency companies, including Coinbase Global Inc (NASDAQ: COIN), have urged Congress to clarify industry regulations, but cautioned against onerous regulation, Reuters reported.

“Without tailored legislative solutions that are openly debated with public participation, the United States risks unnecessarily onerous and frightening laws and regulations,” said Alesia Haas, CEO of Coinbase.

Ethereum’s gains remained intact despite the action on Capitol Hill targeting stablecoins, noted Edward Moya, senior market analyst at OANDA.

“The House does not want to hamper Web 3.0, because blockchain could have a huge impact on the lives of Americans. As long as everything is still mostly built on Ethereum, the bull’s case remains intact, ”Moya wrote in a note seen by Benzinga.

Binary Coin Days Destroyed (Binary CDD), a metric that indicates whether the spending behavior of large volumes and / or old coins is significant compared to historical data, may indicate that BTC has completed the accumulation phase, noted CryptoQuant. In particular, according to the Wyckoff method, the accumulation phase is followed by a bullish phase.

Graphic illustrating binary CDD – Courtesy of CryptoQuant

“The accumulation cycle has passed, and it has broken through,” CryptoQuant’s Mignolet said in a note. According to the analyst, the data is not meaningful for short-term prices, but is remarkable from a “cycle point of view.”

Tether and USD Coins have been the two key coins that have led to a prolific increase in stablecoins over the past month. The top 5 Stablecoin Marketcap fell from $ 129 billion to just under $ 150 billion, according to Delphi Digital, an independent research store.

Graph showing stable flow of coins – Courtesy of Delphi Digital

“The USDC / USDT ratio fell from 0.19 at the start of the year to 0.53 today, indicating a market preference for the USDC which is considered to be less risky compared to the USDT, ”Delphi Digital said in an emailed note.

Read more: Does Alexandria Ocasio-Cortez own Bitcoin or another crypto? Here is what she has to say

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