Bitcoin, Ethereum, Dogecoin mixed amid Gemini layoffs

Major coins were mixed trading Monday night after reports said the cryptocurrency exchange Twin cut another 10% of the workforce.

Cryptocurrency Profits (+/-) Price
Bitcoin +1.01% $22,984
Ethereum -0.44% $1,630
Dogecoin -0.65% $0.088

What happened: The largest cryptocurrency by market value Bitcoin BTC/USD traded below $23,000. Ethereum ETH/USD was trading at $1,630. Dogecoin DOGE/USD was down 0.65% in the last 24 hours and was trading at $0.088.

US equities closed high on strong optimism that the Federal Reserve will take steps to ease its aggressive monetary policy. The tech-centric Nasdaq Composite rose 2%, while the S&P 500 and the Dow Jones Industrial Average (DJIA) climbed 1.1% and 0.7% respectively.

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Twinthe crypto asset exchange backed by the Winklevoss twins, has been dragged into the bankruptcy of the crypto lending giant Genesis global capital. As a result, Gemini has been unable to deliver funds to the Earn account holders, leaving more than $900 million in debt. This caused tension between Gemini and its parent company, Digital currency group.

“There was going to be an ice age given everything that went wrong with crypto this year. Months of cleaning up the FTX clutter were expected, but after losing more than 60% last year, Bitcoin pessimism had worn off. Even struggling companies like Bitcoin Miner Argo are making a comeback and appear poised to return to the Nasdaq. Bitcoin has found a home above the USD 22,500 level for now as risk appetite remains healthy. There is still a lot that could go wrong for the wider market and if that happens it will be interesting to see how crypto reacts,” he said. Edward Moyaa senior market analyst at OANDA, seen in a note by Benzinga.

Crypto Analyst Michael van de Poppe has predicted that given the current bullish momentum and the emergence of bearish divergence, Bitcoin could drop to a price of $21,410.

direct capital, a pseudonymous analyst, has suggested that Bitcoin’s performance could be seriously jeopardized if its current level of around $23,400 does not act as support.

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