bitcoin and ethereum traded higher tuesday evening even as the global cryptocurrency market cap fell 1 to 13 trillion over 24 hours leading up to press time see also how to get free nfts why it matters price action in the two largest coins remained largely rangebound even as other risk assets like stocks spiked tuesday brushing off recessionary fears the latest atlanta federal reserve’s gdpnow tracker indicates a rise of just 09 for the second quarter in the first quarter of 2022 the gdp growth declined by an annualized 15 a second consecutive quarter of negative growth could meet the criteria for recession equity traders might be pricing a recession in the first quarter of 2024 according to edward moya a senior market analyst with oanda while stocks could piggyback on solid earnings after inflation peaks cryptocurrencies may break away from equities “bitcoin’s correlation with equities could be breaking and that could lead to greater volatility over the shortterm if bitcoin falls below the 28000 level it could get ugly as prices might not see support until the 25500 level” wrote moya in a note seen by benzinga cryptocurrency trader michaël van de poppe tweeted that the odds of a relief rally in june are rising with altcoins looking better on a daily timeframe as well he said there could be a 50100 relief rally seen in altcoins asian investors have been buying bitcoin from us and european peers said will clemente on twitter meanwhile the number of ethereum addresses in loss 7day moving average reached an alltime high of 357 million according to data from glassnode globalblock analyst marcus sotiriou touched on selling by bitcoin miners in may “i think this sell pressure from miners could be due to the decline in bitcoin price which has decreased the profitability for miners” he said the analyst said he was not concerned by the behavior of the miners as intel corporation intc is releasing secondgeneration bitcoin mining chips which he said are more efficient than rivals read next leaked crypto bill suggests us to go after defi daos stablecoins community reacts