Seeking Alpha
2023-01-30 20:52:00

Cryptos pare YTD gains to start busy week for earnings, central banks

Bitcoin ( BTC-USD ), ethereum ( ETH-USD ) and other cryptocurrencies pared a small portion of their year-to-date gains in Monday afternoon trading as market participants brace for a week packed with corporate earnings as well as monetary-policy decisions from a number of central banks, including the Fed. The global crypto market cap slid alongside the stock market , falling 4.6% to $1.03T as of shortly before 3:51 p.m. ET, according to CoinMarketCap data . After reaching nearly $24K in the prior session, bitcoin ( BTC-USD ) retreated 4.3% to $22.71K, and ether ( ETH-USD ) dropped 5.1% to $1.55K. Nonetheless, market sentiment appears to be leaning more bullish with the tokens still up 36.2% and 27.6% , respectively, since the start of 2023. Time will tell. The three biggest losers among cryptos in the last 24 hours included lido DAO ( LDO-USD ) -11.7% , flow ( FLOW-USD ) -11.8% and near ( NEAR-USD ) -11.2% , CoinMarketCap data showed. On the flip side, dYdX ( DYDX-USD ) +7.1% , mina ( MINA-USD ) +4.2% and gatetoken +0.9% were the three biggest winners. The broad crypto rally that started in 2023 is nothing more than a "bull trap that will catch FOMO investors to invest too early," said Seeking Alpha contributor Serge d'Adesky. For the longer term, though, he expects bitcoin ( BTC-USD ), in particular, to hit $102K by mid-summer 2024. Crypto-exposed stocks also took a hit intraday, with some of the biggest decliners featuring: Marathon Digital ( MARA ) -10.5% , Coinbase Global ( COIN ) -7.1% , Greenidge Generation ( GREE ) -7.8% and MGT Capital Investments ( OTCQB:MGTI ) -15.3% . Going forward, a recent CoinShares survey showed that ether ( ETH-USD ) is expected to shine the most among cryptos, including bitcoin ( BTC-USD ).

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