Major currencies traded in the red on Sunday night as the global cryptocurrency market capitalization decreased 0.6% to $849.2 billion.
|Currency||24 hours||7 days||Price|
|cryptocurrency||24 hour % change (+/-)||Price|
|Trusted Wallet Token (TWT)||+4.1%||$2.64|
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Because it is important: Bitcoin and Ethereum are down as of this writing, while US stock futures started the week on a weaker note as investors await a key policy meeting from the US Federal Reserve.
On Tuesday, investors will receive November’s consumer price index figures and will look for signs of a decline in inflation. the Federal Open Market Committee you must start your two-day meeting on the same day.
Data from the CME Fed Watch Tool indicates that 73.5% of traders anticipate a 50 basis point rate hike on Wednesday.
Screenshot of the CME Fed Watch tool
Alternative.me’s “Crypto Fear & Greed Index”, a measure of investor sentiment, was showing “Fear” at the time of writing. The Index also showed “Fear” last week.
“Bitcoin isn’t doing much ahead of next week’s FOMC decision,” the senior market analyst at OANDA said. Eduardo Moya.
“Bitcoin seems stuck in the $17,000 area and that could continue until next week’s FOMC decision. Next week is the last trading week of the year where we will see full participation, so it could finally help Bitcoin make a more meaningful move,” the analyst said, in a recent note seen by Benzinga. “If Wall Street is confident that the Fed will stop raising after the February rate hike and nothing new breaks in crypto, I could see Bitcoin race towards the $18,000 level.”
michael van depoppe He said that the price action in Bitcoin looks “unbelievably terrible.”
The trader said that the altcoin’s market cap “doesn’t look too bad right now.” He said: “The recovery ranged low at $460 billion. If it goes above $500 billion, we can continue to move towards $600 and $680 billion. Overall, the bullish divergence and recovery are good signs.”
A cryptoquantification The analyst said that despite “giants” like Goldman Sachs claiming that current levels are “big opportunities in crypto,” there are fewer and fewer UTXOs (unspent transaction outputs) worth more than 1,000 BTC.
“These UTXOs that are usually owned by large investors continue to fall despite recent price recoveries. Perhaps a good indicator to determine a good market bottom could be when we see this segment rise again or at least stabilize.” UTXO represents the cryptocurrency left after a transaction has been made.
The analyst for the community-driven platform said: “At the moment, their expectations do not seem to be anything positive.”
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