Brent crude oil, a widely watched measure of energy prices, edged up near $100 per barrel and its price has risen nearly 40% since the start of the year.Įisma noted the U.S. Rising energy prices have played a major role in inflation throughout the continent and has put European economies on edge. Meanwhile, the fallout from Russia's unprovoked invasion of Ukraine took a new but hardly unexpected turn with Russia's announcement Monday that it would cut gas flow through the pipeline that serves western Europe. Google parent Alphabet (GOOG) reported its slowest quarterly sales growth in two years.

Auto manufacturer General Motors (GM) missed its estimates for profitability. Among the low points: Retail giant Walmart (WMT) said that demand was shrinking because of rising prices for energy and fuel. Investors digested a Tuesday wave of disappointing earnings and other news. Stock indexes suffered through a dreary day, with the tech-focused Nasdaq declining nearly 2% and the S&P 500, which has a tech-heavy component, and Dow Jones Industrial Average, falling 1.2% and 0.7%, respectively. Most other major cryptos fell deeply in the red, with UNI and SUSHI down more than 11% and 10%, respectively, at one point and SAND dropping by more than 6%. 'A pullback in ether may find initial support at the 50-day (~$1,293), but we expect an eventual retest of interim support ($1,000) on the next down leg,' Stockton wrote. However, Fairlead Strategies founder and managing partner Katie Stockton wrote in a research note published Monday that support could dip lower, highlighting short-term signs of investor exhaustion. The focus has shifted to ether's 50-day moving average of $1,293, as CoinDesk Senior Markets Reporter Omkar Godbole wrote. A heightened level of options open interest, relative to that of BTC, underscored this trend.īut ether's 10% plunge on Monday represented its biggest dip in more than a month as the crypto broke from a six-day trading range of $1,460 to $1,660. The second-largest crypto by market cap after bitcoin rallied last week on optimism about the Merge, which would shift the Ethereum blockchain from a more energy intensive proof-of-work model to proof-of-stake, and investors' increased appetite for risk.

what they foresee.'Įther was recently trading just above $1,440, off less than a percentage point from the previous day but well off its most recent high above $1,600. 'And we're waiting to see what the data is and what the Fed really what their guidance is. 'We're really stuck in this range,' Paul Eisma, head of trading at crypto finance firm XBTO Group, told CoinDesk TV's 'First Mover' program. But the rally proved short-lived as BTC returned to the $18,000 to $22,000 range it has occupied since the first part of June, at one point dipping below $21,000 on Tuesday. The largest cryptocurrency by market value was changing hands over $24,000 as recently as last Wednesday amid renewed investor optimism that inflation might have peaked and that the global economy was declining at a reasonable pace. Federal Reserve's expected 75 basis point rate hike.īitcoin was recently trading at about $21,200, off slightly for the past 24 hours, although it was down more than 5% earlier in the day. Bitcoin, Ether Drop on a Difficult Day for CryptosĬryptocurrencies on Tuesday drifted further away from their recent highs as investors processed the latest spike in macroeconomic uncertainty and braced for aftershocks of the U.S.

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