, 2022-05-19 20:36:56,
Bitcoin, Ethereum, and other major coins rose Thursday evening as fears of a bear market in equities and a weaker dollar increased the appeal of the apex coin. The global cryptocurrency market cap rose 4.8% to $1.3 trillion.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|Kyber Network Crystal V2 (KNC)||+21.2%||$2.66|
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What Happened: The S&P 500 fell nearly 19% below its all-time high reached earlier in 2022; the index is now hovering near the bear market territory. A decline of 20% below all-time highs is construed to be a bear market by many experts.
S&P 500 and Nasdaq futures traded 0.4% and 0.7% higher, respectively, at press time.
The dollar index, a measure of the greenback’s strength against six other currencies, fell 0.05% lower to 103.74, while U.S. 10-year yields fell to 2.772, the lowest since late April, according to a Reuters report.
OANDA senior market analyst Edward Moya noted the “freefall” in the dollar as investors purchase Treasuries on concerns that the economy is headed for a “rough patch.”
“A weaker dollar and bear market stock fears are making Bitcoin attractive again,” said Moya in a note, seen by Benzinga.
“It seems the fallout from all the stablecoin drama that sent cryptos sharply lower is finally fading. Bitcoin looks poised to…
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