Bitcoin, ether, other cryptos edge lower despite stock market (Cryptocurrency:BTC-USD)

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Bitcoin (BTC-USD), Ethereum (ETH-USD) and other cryptocurrencies are slipping in midday trading Monday even as a broad spectrum of risk assets trade firmly higher.

Bitcoin (BTC-USD) is drifting lower by 1.5% to $45.7K intraday, though still trading above near-term and long-term simple moving averages. Bitcoin’s “short-term momentum turned negative, which typically occurs during the first week of the month,” CoinDesk reported Monday. As for ether (ETH-USD), the second largest digital token by market cap is off by 0.3% to $3.47K in the past 24 hours and is also changing hands well above short- and long-term SMAs. See why SA contributor John Miller views ETH with a Buy rating.

While cryptos’ positive correlation with U.S. stocks have proven to be strong for the better part of the past year, digital assets are currently being outpaced by the three major stock market indices, with the tech-heavy Nasdaq (COMP.IND) +1.7%, S&P 500 (SP500) +0.6% and Dow Jones (DJI) +0.3% all in the green.

The global crypto market cap of $2.12T is sliding 1.8% over the last day, according to data from CoinMarketCap. Earlier, Bank of England Governor Andrew Bailey, a known critic of the digital asset space, said that crypto is the “new front line” for scams, Bloomberg reported. The underlying crypto technology is serving as an efficient tool to innovate financial services, but also created an “opportunity for the downright criminal,” he added. Meanwhile, the U.K.’s finance ministry on Monday laid out proposals to regulate stablecoins as a means of payment.


More cryptos: binance coin (BNB-USD -2.2%), solana (SOL-USD -5.4%), solana (SOL-USD -2.9%), cardano (ADA-USD +0.3%), terra (LUNA-USD +2.3%), ripple (XRP-USD -2.5%), avalanche (AVAX-USD -3.1%), polkadot (DOT-USD -4.1%), shiba inu (SHIB-USD -1.8%), polygon (MATIC-USD -2.3%), wrapped bitcoin (WBTC-USD -1.5%), NEAR protocol (NEAR-USD +2.7%), cosmos (ATOM-USD -3.4%), litecoin (LTC-USD -2.9%), chainlink (LINK-USD -4.5%), uniswap (UNI-USD -3.2%) and dogecoin (DOGE-USD -0.6%).

At the beginning of April, Indonesia planned to charge 0.1% tax on cryptos.