{"id":216131,"date":"2021-12-29T08:10:50","date_gmt":"2021-12-29T08:10:50","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=216131"},"modified":"2021-12-29T08:10:50","modified_gmt":"2021-12-29T08:10:50","slug":"cryptocurrencies-9","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/cryptocurrencies-9\/","title":{"rendered":"Profit-taking, monetary policy tightening affect cryptocurrencies"},"content":{"rendered":"

Cryptocurrencies prices have declined due to profit-taking operations and the anticipation of tightening central banks.<\/p>\n

The market value of digital currencies decreased, on Tuesday, by 3.15%. It reached $2.32 trillion, with a trading volume during the last 24 hours that recorded about $95.58 billion.<\/p>\n

Investors’ appetite for risk is increasing. Investors are awaiting to know whether the central banks’ tendency to reduce liquidity in the markets will pose greater challenges to the demand for cryptocurrencies.<\/p>\n

Cryptocurrencies<\/h2>\n

\u201cI view Bitcoin\u00a0as a high-beta risk asset,\u201d said Ross Mayfield, an investment strategy analyst at Baird.<\/p>\n

\u201cWhen risk appetite is up, it\u2019s up big. And when risk appetite is down, it can be down big. It\u2019s not perfectly correlated, that\u2019s definitely too simple of a read, but it\u2019s certainly not a volatility hedge,\u201d he added.<\/p>\n

A technical study shows that\u00a0Bitcoin\u00a0has breached the upper bound of a so-called pennant technical pattern. It scaled its 20-day moving average, according to the study.<\/p>\n

While this points to the possibility of more gains ahead, other technical signals are identifying the $53,000-55,000 area as a potential test of the rally\u2019s strength.<\/p>\n

Cryptocurrency-related stocks in Asia, such as Woori Technology Investment,\u00a0Remixpoint<\/a>, and Ceres, received a big boost from Bitcoin\u2019s recent performance.<\/p>\n

The Cryptocurrency rose by nearly 76 percent since the beginning of this year. And it is heading to achieve further gains for the third year in a row.<\/p>\n

Other digital currencies<\/h2>\n

The price of Bitcoin (BTC) decreased by 3.39% to reach $49,224.37. This is an increase of about $15,000 over its price in early 2021.<\/p>\n

The price of Ethereum coin (ETH) fell by 3.32% to $3,930.44.<\/p>\n

The price of Binance coin (BNB) rose by 0.42% to reach $549.11.<\/p>\n

The price of Cardano\u00a0(ADA) coin fell 1.21% to record $1.46.<\/p>\n

The price of\u00a0 XRP fell 3.70% to $0.8882.<\/p>\n

The price of Polkadot (DOT) coin also fell by 6.73% to $29.16.<\/p>\n

The price of Dogecoin coin (DOGE) also fell by 4.69% to $0.1811.<\/p>\n

The price of Litecoin (LTC) decreased by 3.91% to reach $149.81.<\/p>\n

The price of Chainlink (LINK) fell 4.56% to $149.81.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cryptocurrencies prices have declined due to profit-taking operations and the anticipation of tightening central banks. The market value of digital currencies decreased, on Tuesday, by 3.15%. It reached $2.32 trillion, with a trading volume during the last 24 hours that recorded about $95.58 billion. Investors’ appetite for risk is increasing. Investors are awaiting to know […]<\/p>\n","protected":false},"author":4,"featured_media":216132,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[202],"tags":[168,7163,278],"class_list":["post-216131","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-bitcoin","tag-cardano","tag-featured"],"yoast_head":"\nProfit-taking, monetary policy tightening affect cryptocurrencies<\/title>\n<meta name=\"description\" content=\"BNReport| Cryptocurrencies prices have declined due to profit-taking operations and the anticipation of tightening monetary policies\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/cryptocurrencies-9\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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