Bitcoin, Ethereum and Dogecoin rise amid risk rebound

[ad_1]

Major coins traded in the green on Sunday evening, with global market capitalization rising 1.34% to $1.08 trillion, as of 8:30 p.m. EST.

What happened: The largest cryptocurrency by market value Bitcoin BTC/USD traded above $23,000. Ethereum ETH/USD changed hands at $1,567, up 1.70% in the past 24 hours. Dogecoin DOGE/USD rose 0.47% in the past 24 hours, trading at $0.089.

Cryptocurrency gains (+/-) Bitcoin price +1.20% $23,678 Ethereum +1.70% $1,639 Dogecoin +0.47% $0.089

US stocks closed higher on Friday. The Dow Jones Industrial Average rose 0.1%, the S&P 500 Index gained 0.3% and the Nasdaq Composite Index ended up 1%.

See more: Best Crypto Day Trading Strategies

Next week, three major tech companies are expected to report earnings: Amazon AMZN, Apple Inc AAPL and Meta Platforms Inc META/USD will be closely watched to assess whether current job cuts are likely to extend into 2023. Market analysts will be on the lookout for indications of further cuts that could impact the tech industry as a whole.

On Friday, federal prosecutors asked U.S. District Court Judge Lewis Kaplan to issue a restraining order against Sam Bankman-Fried that would bar him from communicating privately with current and former employees of FTX and Alameda Research. Prosecutors say Bankman-Fried contacted a former employee for the apparent purpose of “influencing potential testimony.”

Cryptos continue to benefit from the broad rebound in risk on Wall Street. The Fed is nearing the end of its rate hike cycle and that has helped all interest rate sensitive assets start the new year. Not all headlines in the crypto space have been doomed [and] dark as Moodys works on a rating system for stablecoins, Amazon has an NFT initiative and some companies are successful in raising funds. Bitcoin has major resistance at the $24,000 level, so momentum traders will be watching closely to see how prices perform after the FOMC decision, Edward Moya, principal analyst at OANDA, said in a note seen by Benzinga.

Given the inflation picture, the Fed is likely to remain hesitant about the imminence of a pause and lean more towards remaining hawkish. If the Fed follows the BOC’s lead and signals that it is nearly done with rate hikes, Bitcoin could tentatively break above $24,000.

According to a CryptoQuant analyst, 2023 is the perfect time to prepare for a bull market. During this period, investors can expect the week-to-month BTC percentage to rise rapidly.

Crypto analyst Kaleo said that at $30,000 Bitcoin will be a strong and powerful magnet and at $40,000 it will be an even bigger draw.

Read next: Elon Musk still doesn’t love him? A Year Later, Mom Still Knows About MrBeast Burger’s Dogecoin Deal

[ad_2]