BTC, ETH, XRP, LTC: Crypto Market Update

• Bitcoin and Ethereum prices have been weakening in correlation with each other.
• OpenAI is reportedly looking to secure $100 million for Worldcoin cryptocurrency.
• Trading ranges within Bitcoin markets are narrowing, BTC’s share of overall crypto markets continues to rise, and today’s economic calendar features US Housing Starts, MBA Mortgage Applications, and Eurozone Harmonized Index of Consumer Prices.

Bitcoin-Ether Correlation Weakens

Bitcoin and ether, the world’s top two cryptocurrencies by market value, moved in tandem for much of 2022. That positive relationship has weakened this year, signaling an impending regime change in the market. As of this week, the 30-day rolling correlation between changes in bitcoin and ether prices was 77%, the lowest since 2021.

OpenAI Secures $100M Funding For Worldcoin

OpenAI boss Sam Altman is reportedly in “advanced talks” of securing $100 million funding for Worldcoin, a project aimed at creating a collectively owned and globally distributed cryptocurrency.

Volatility & Volume Decline In Bitcoin Trading

Trading ranges within bitcoin markets continue to narrow, a sign that uncertainty remains the order of the day for the largest cryptocurrency by market capitalization. Simultaneously BTC’s share of overall crypto markets continues to rise, indicating that it remains the safe haven digital asset for investors. BTC dropped 0.8% against USD in the last session.

Other Cryptocurrency Price Changes

The Ethereum-Dollar pair gained a moderate 0.1% in the last session while XRP dropped 0.6% against USD and LTC/USD exploded 2.7%. The Ultimate Oscillator is giving a positive signal for Ethereum-Dollar pair while Stochastic-RSI is giving a positive signal for LTC/USD pair.

Daily Economic Calendar

Today’s economic calendar features US Housing Starts at 12:30 GMT, US MBA Mortgage Applications at 11:00 GMT, and Eurozone’s Harmonized Index of Consumer Prices at 09:00 GMT