The crypto market has been losing momentum as the price of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) start trading in the red. The largest cryptocurrencies by market cap might experience further losses as macro-economic factors keep exercising a negative influence on risk-on assets.
At the time of writing, the crypto total market cap stands at $1.09 trillion after experiencing rejection at the $1.2 trillion mark. This has led to minor losses for Bitcoin (2.2%), and Binance Coin (7%), only Ethereum has been able to preserve some of its last week’s gains.
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview
Analyst Justin Bennett believes the crypto market has been negatively impacted by the uptrend in U.S. dollars. The currency saw a major push to the upside at the start of 2022 on its monthly chart and seems to be attempting to reclaim 2022 levels on higher timeframes.
This could translate into more losses for risk-on assets, such as equities and cryptocurrencies; more economic uncertainty as inflation trends high ..
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