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Bitcoin and Ethereum were trading nearly flat on Thursday evening, ahead of the holiday weekend, as the global cryptocurrency market cap rose 0.2% to $811.2 billion as of 7:16 p.m. EST .
Price Performance of Major Coins Coin Price 24/7 Bitcoin BTC/USD -0.6% -3.15% $16,817.27 Ethereum ETH/USD 0.3% -3.9% $1,217.56 Dogecoin DOGE/USD 4% -9.45% $0.08 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour Change % (+/-) Neutrino Price USD (USDN) +7 .4% $0.56 Terra Classic (LUNC) +5.7% $0.00014 Dogecoin (DOGE) +4% $0.08
See also: A beginner’s guide to automated crypto trading
Why it matters: While the two biggest cryptocurrencies were largely lackluster in terms of price action, the flagship meme coin, Dogecoin, was included in the list of top intraday gainers.
Hopes of a “Santa Claus” rally dimmed on Thursday with the return of a sell-off in risky assets. Tech stocks took a beating after data from a major chipmaker highlighted demand issues.
On Thursday, the S&P 500 and Nasdaq closed down 1.45% and 2.2% respectively. US stock futures were largely flat at the time of writing.
Bitcoin and Ethereum are lower today as risk aversion runs wild on Wall Street. Tech stocks are the hardest hit, thank you Micron, and that appears to be keeping pressure on all interest rate-sensitive sectors, said Edward Moya, senior market analyst at OANDA.
Michal van de Poppe described Bitcoin’s price action as beautiful on Thursday. The cryptocurrency trader said the coin hit support, had a strong rebound since then, and is now in a resistance zone.
He said that with this response from Bitcoin, $17,400 seems like a likely level and it was well beyond the $16,800-$16,900 level.
Trader Justin Bennett said it was difficult to expect much decline in the dollar index, the measure of the greenback’s strength against a basket of six currencies. He expects a DXY rebound from 102.103. At the time of this writing, the dollar index was at 104.39.
This year, cryptocurrencies have had a strong inverse correlation with the dollar index. The major coins generally followed the opposite direction to the index.
Market intelligence platform Santiment noted that the number of coins in self-custody continues to create a new all-time high and is currently at 18.2 million BTC. The coins on the exchange are at just 1.2 million BTC, a four-year low.
Santiment took a decade-long view in his tweeted data.
The self-custody trend has accelerated recently following the bankruptcy of Sam Bankman-Fried-ledFTX.
Bankman-Fried was arraigned in New York on Thursday. He faces allegations of fraud, money laundering and campaign finance violations. His bail was set at $250 million.
Read next: Crime and Entanglement: How FTX’s Bankruptcy and Alameda CEO’s Guilty Plea Diminished
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