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Bitcoin struggled early Monday morning after a downtrend over the past week, with the blame clearly lying on the Fed’s plans to raise interest rates in March.
The cryptocurrency traded just above $37,200 (-2.23%) overnight. Competitors Ethereum and Dogecoin were also down, with Ethereum trading at $2,530 (-2.96%) and Dogecoin at 13.7 cents, down 3.83%, Coindesk reported.
Bitcoin’s monthly moving average convergence divergence (MACD) histogram has crossed below zero, a so-called “sell signal,” Coindesk reported, indicating a trend change from bullish to bearish on the longer-duration price chart.
Bitcoin struggled early Monday morning after a downtrend over the past week, with the blame clearly lying on the Fed’s plans to raise interest rates in March. (iStock)
Bitcoin is staring at a third straight month of losses amid heightened fears of global monetary policy tightening, the report said.
The cryptocurrency has barely moved as major markets in Asia enter a week-long New Year’s break this week.
Last Thursday, the US Securities and Exchange Commission rejected another application for a Bitcoin exchange-traded fund (ETF).
The commission said the filing from mutual fund giant Fidelity did not satisfy regulators because it failed to show it could protect investors from fraud, as outlined in the SEC ruling. In November, the commission rejected VanEck’s Bitcoin ETF for similar reasons.
Coindesk reported that crypto exchange BitMEX dumped 1.5 million BMEX, its first native tokens, to users earlier Monday in a bid to reignite retail interest. The tokens were air-dropped based on a user’s previous activity on the exchange.
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The Ethereum-based tokens are tied to a 5-year vesting contract and have a maximum supply of 450 million. These will be used to reward new and existing BitMEX users and give them discounts on trading fees, the report said.
The tokens were distributed 5% for future airdrops, 20% for providing liquidity at the launch of BMEX spot trading, 20% as BitMEX staff incentives, 30% for marketing and affiliate rewards, and 25% as long-term reserve, Coindesk reported.