Major coins were seen rising on Tuesday evening as the global cryptocurrency market cap rose 2% to $804.9 billion as of 8:33 p.m. EST.
|Piece of money||24 hours||7 days||Price|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|Curve Dao Token (CRV)||+27.8%||$0.65|
|Convex Finance (CLC)||+12%||$3.99|
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Why is this important: Bitcoin and Ethereum traded in the green Tuesday night on a day when stocks ended on a high note. The S&P 500 and Nasdaq both closed up 1.4% intraday. Equity futures were largely unchanged at the time of writing.
Investors await the publication of the Federal Free Market Committee Wednesday. Previously, Cleveland Fed President Master Lorette said more subdued inflation data was “good news” but not enough to stop the cycle of rate hikes.
“The latest round of speeches from the Fed haven’t taught us anything new,” said Edouard Moyasenior market analyst at OANDA.
“The labor market is a major concern for the Fed, Mester also pointed out that the demand for labor always exceeds the supply. Recent trends, however, show that the labor market is showing signs of cooling.
On Bitcoin, Moya said it is “back above the $16,000 level but still remains in the danger zone as everyone waits for the next crypto domino to fall.”
“Bitcoin could continue to stabilize here if Wall Street rebounds, but that seems unlikely as this bear market for stocks has yet to bottom. Bitcoin has support ahead of the $15,500 level, but if that doesn’t hold, the technical sell could send prices towards the $13,500 region.
Trader in cryptocurrency Michael van de Poppe said the apex coin “shows a bit more continuation” but “needs to pick up a few more levels to show serious strength.”
—Michael van de Poppe (@CryptoMichNL) November 22, 2022
Justin Bennett said “markets are still limited, but short selloffs are developing above $17,000.” The trader said: “A decent chance we see [Bitcoin] run the peaks here.
Markets are still limited, but short liquidations are building above $17,000 $BTC.
— Justin Bennett (@JustinBennettFX) November 22, 2022
Market intelligence platform Holy noted that the word “death” has been circulating in cryptocurrency discussions since November.
“As one of the most [bearish] sentiment words, it is a sign that traders are giving up on the markets rebound. Ironically, this capitulation is historically when the markets rebound.
Word #dead quickly circulated #crypto platforms in November. As one of the most #bearish sentiment words, it is a sign that traders are giving up on the markets rebound. Ironically, this capitulation is historically when markets rebound. https://t.co/lZucDQEYli pic.twitter.com/j4cmfGiVz5
— Santiment (@santimentfeed) November 22, 2022
Read more : What’s going on with Grayscale Bitcoin Trust (GBTC) today?
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