Major coins were trading higher globally on Tuesday night cryptocurrency The market cap rose 2% to $804.9 billion as of 8:33 p.m. EST.
|coin||24 hours||7 days||Price|
|cryptocurrency||24-hour % change (+/-)||Price|
|Curve Dao tokens (CRV)||+27.8%||$0.65|
|Convex finances (CVX)||+12%||$3.99|
Why it matters: Bitcoin and Ethereum traded in the green Tuesday night on a day when stocks ended positively. The S&P 500 and Nasdaq both closed up 1.4% on the day. Stock futures were largely flat at the time of writing.
Investors await the release of the Federal Committee of the Free Market On Wednesday. Previously, President of the Cleveland Fed Loretta master said softer inflation data was “good news” but not enough to halt the cycle of interest rate hikes.
“The Fed’s last round of talks didn’t teach us anything new,” he said Edward Moyaa senior market analyst at OANDA.
“The labor market is a key concern for the Fed, Mester also pointed out that demand for labor still exceeds supply. However, recent trends show that the labor market is showing signs of cooling.”
Regarding Bitcoin, Moya said that it is “back above $16,000 but still remains in the danger zone while everyone waits for the next crypto domino to fall.”
“Bitcoin could continue to stabilize here as Wall Street recovers, but that seems unlikely as this stock bear market has yet to bottom. Bitcoin has support pre-$15,500 level but if that doesn’t hold, technical selling could propel prices towards the $13,500 region.”
cryptocurrency trader Michael van de Poppe said the top coin is “showing a little more continuation” but “needs to recapture a few more levels to show serious strength.”
— Michael van de Poppe (@CryptoMichNL) November 22, 2022
Justin Bennett said that “markets are still rangebound but short liquidations are building above $17k.” The trader said: “We see a decent opportunity [Bitcoin] run the heights here.”
Markets are still rangebound but short liquidations are building above $17k $BTC.
— Justin Bennett (@JustinBennettFX) November 22, 2022
market research platform Holy noted that the word “dead” has been floating around in cryptocurrency discussions since November.
“As one of more [bearish] Moody words, this is a sign that traders are giving up on the markets recovery. Ironically, if markets recover, this capitulation will be historic.”
The word #dead is circulating quickly #crypto platforms in November. As one of the more #bearish Moody words, this is a sign that traders are giving up on the markets recovery. Ironically, this capitulation is historic when markets recover. https://t.co/lZucDQEYli pic.twitter.com/j4cmfGiVz5
— Santiment (@santimentfeed) November 22, 2022
Continue reading: What’s Happening With Grayscale Bitcoin Trust (GBTC) Today?