GREE - Bitcoin ethereum defy slide in equities; dogecoin stays elevated

2023-04-04 15:04:24 ET

Bitcoin ( BTC-USD ) edged slightly higher, trending toward the high end of its multi-day range, in Tuesday afternoon trading even though the stock market changed hands firmly in the red .

The world's largest token by market value ( BTC-USD ) ticked up 0.1% to $28.12K at 3:04 p.m. ET, while ethereum ( ETH-USD ) advanced 2.6% to $1.86K. Overall, the global crypto market cap got a 1.3% boost to $1.19T, CoinMarketCap data showed.

Since mid-March bitcoin ( BTC-USD ) has been oscillating between $26.7K-29K, a tight range that some traders reckon can break and enter a new bull run. Seeking Alpha contributor The Freedonia Cooperative in late March laid out a Strong Buy thesis for BTC that used technical analysis.

On Monday, dogecoin ( DOGE-USD ) took the spotlight, surging as much as 30%, after users of Elon Musk's Twitter noticed that the home button was changed to the memecoin's Shiba Inu dog logo. The token managed to hold its gains at the time of writing, trading at around $0.10.

And futures tracking doge ( DOGE-USD ), created purely as a joke, saw higher-than-usual liquidations of $26M over the last day, CoinDesk had reported, citing data from Coinglass.

With BTC slightly lower, on top of a weaker stock market, many crypto-exposed equities experienced downward pressure. Silvergate Capital ( SI ), -5.9% , Coinbase Global ( COIN ), -3.4% , Core Scientific ( OTCPK:CORZQ ), -3.3% , Greenidge Generation ( GREE ), -4.8% , and CleanSpark ( CLSK ), -2.2% , were among some of the notable intraday losers.

For last week, CoinShares reported that crypto funds logged lackluster inflows as trading volumes dropped .

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