Bitcoin and other major coins traded lower at press time on Monday evening, as the global cryptocurrency market cap decreased 1.95% to $1.85 trillion.
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-120x86.jpg)
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | -0.9% | 3.35% | $41,000.22 |
| Ethereum (CRYPTO: ETH) | -2.3% | 11.3% | $2,859.57 |
| Dogecoin (CRYPTO: DOGE) | -1.6% | 5.4% | $0.12 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Bitcoin Gold (BTG) | +13% | $38.59 |
| Ethereum Classic (ETC) | +8.6% | $39.36 |
| Dash (DASH) | +8.6% | $115.12 |
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Federal Reserve Chair Jerome Powell said on Monday the U.S. central bank must “expeditiously” and more “aggressively” raise rates to prevent inflation from spiraling upwards, according to a Reuters report.
Powell said the labor market is very strong and inflation much too high.
Treasury yields spiked on Monday after his comments. The yields on the 10-year benchmark paper rose 13.4 basis points to 2.82%, which was higher than 2.25% before Powell began speaking, according to a separate Reuters report.
“Bitcoin is holding up nicely given the surge in Treasury yields after Fed Chair Powell told markets they could move quickly with interest rate increases,” said Edward Moya, an analyst with OANDA, in a note seen by Benzinga.
“Many crypto traders are nervous about how much money is on the exchanges, which could signal some investors are about to head to the sidelines. Bitcoin might struggle to push much higher from here, which means prices could be in for a rude awakening if the $40,000 level breaks.”
Cryptocurrency trader Michaël van de Poppe tweeted the $40,400 area was crucial for the apex coin and if that low is lost it could make its way down to $39,000 and have “further downwards momentum to look forward to.”
For #Bitcoin, I’m looking at the following levels.
Crucial to hold; $40.4K area.
If that low is…
![Dogecoin [DOGE] to rise beyond 40%? Whale activity may spur rally](https://crypto.newswireservice.net/wp-content/uploads/2023/02/doge-wale-1000x600-350x250.jpg)
