Bitcoin, Ethereum, Dogecoin Mixed: Analyst says cryptos are weakening as “risk appetite just left the building” – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

The two biggest cryptocurrencies were trading in opposite directions on Thursday night as the global cryptocurrency market cap shrank 0.3% to $837.4 billion as of 8:11 p.m. EST.

Price development of major coins
coin 24 hours 7 days Price
Bitcoin BTC/USD 1.3% -3.7% $16,925.08
ether ETH/USD -0.7% 6.6% $1,213.69
Dogecoins DOGE/USD -1% -5% $0.085
Top 24-hour Gainers (data from CoinMarketCap)
cryptocurrency 24-hour % change (+/-) Price
Litecoin (TWT) +9.6% $63.33
working (AR) 7.5% $10.28
A BUT TIME (LION) +4.5% $4.04

See also: Best FTX Alternatives: How to Keep Your Crypto Safe

Why it matters: Cryptocurrencies traded lower alongside stocks as Wall Street’s bear market rally stalled. The S&P 500 and Nasdaq closed down 0.3% and 0.35%, respectively, on Thursday.

On Thursday, St. Louis Federal Reserve President Jim Bullard said interest rate hikes have not yet been carried out enough of a dip in inflation. Meanwhile, weekly initial jobless claims remained low at around 220,000, in line with consensus estimates.

“The Fed’s Bullard noted that interest rates are not yet ‘enough restrictive’. He also highlighted a dovish scenario that could bring the policy rate to 5% and a restrictive rate to 7%. Bullard said he is targeting at least another 125 basis points of rate hikes, which would bring the target range to 5.00% to 5.25%,” said OANDA senior market analyst Edward Moyain a note Benzinga saw.

“Cryptos are weakening as risk appetite just left the building. Today’s weakness is mainly attributed to the exhaustion after the bear market rally that propelled stocks,” the analyst said.

“A lot of bad news has been priced in, so it could take another downfall from a major crypto company or a de-risking move on Wall Street to take bitcoin below its recent low.”

The next Federal Reserve monetary policy meeting is in 26 days for May 13-14. planned for December. According to data collected by the CME FedWatch tool, 80.6% of interest rate traders expect a 50 basis point hike at the December session.

Screenshot from CME Group’s Fed Watch Tool

Justin Bennett tweeted that “anyone hoping for a turning point or even a pause in rate hikes will be disappointed.” The trader said, “The Fed will go up until something breaks.”

Meanwhile, the cryptocurrency market continues to evaluate the decline of Sam Bankman Fried-LED FTX and Alameda Research.

cryptocurrency trader Michael van de Poppe said: “This whole story of FTX using client funds to buy properties but also that it’s him borrow money yourself. It’s mental. But begins to explain how suddenly $8 billion is completely gone.”

A leading on-chain analyst with glass node said all bitcoins that have flowed into exchanges since January 2018 have “now been withdrawn.”

“Self-custody and spot-driven [Bitcoin] Markets are back on the menu,” the analyst said.

Continue reading: New FTX chief appalled at crypto exchange mismanagement under Sam Bankman-Fried

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