Major coins were trading higher on Tuesday evening as the global cryptocurrency market capitalization increased by 2% to $804.9 billion as of 8:33 pm EST.
|Currency||24 hours||7 days||Price|
|Cryptocurrency||% variation 24 hours (+/-)||Price|
|Curved Dao Token (CRV)||+27.8%||$0.65|
|Convex Finance (CVX)||+12%||$3.99|
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Because matter: Bitcoin and Ethereum traded higher Tuesday night on a day where stocks ended on a positive note. Both the S&P 500 and the Nasdaq ended the day up 1.4%. Stock futures were largely unchanged at the time of writing.
Investors are expecting the release of the Federal Open Market Committee on Wednesday. Previously, the Cleveland Fed Chairman Loretta Master he said softer inflation data is “good news,” but not enough to halt the cycle of rate hikes.
“The latest round of Fed speeches didn’t teach us anything new,” he said Edward MoiaOANDA Senior Market Analyst.
“The job market is a key concern for the Fed, Mester also pointed out that the demand for labor is still outpacing supply. Recent trends, however, show that the labor market is showing signs of a cooling down.”
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 out. Bitcoin has support above the $15,500 level, but if that doesn’t hold, technical selling could send prices towards the $13,500 region.”
Cryptocurrency trader Michael van de Poppe he said the apex coin “shows a little more continuity” but “needs to recover a few more levels to show serious strength.”
— Michael van de Poppe (@CryptoMichNL) November 22, 2022
Justin Bennett he said “markets are still capped, but short-term liquidations are piling up above $17,000.” The trader said: “We see decent possibilities [Bitcoin] run the highs here.
The markets are still range-bound, but short-term sell-offs are piling up above $17,000 $BTC.
— Justin Bennett (@JustinBennettFX) November 22, 2022
Market intelligence platform Holy noted that the word “dead” has been circulating in cryptocurrency discussions since November.
“As one of the most [bearish] sentiment words, this is a sign that traders are giving up on the markets rebound. Ironically, this capitulation historically occurs when markets rebound.
The word #died it is circulating rapidly #crypto platforms in November. As one of the most #bearish sentiment words, this is a sign that traders are giving up on the markets rebound. Ironically, this capitulation historically occurs when markets rebound. https://t.co/lZucDQEYli pic.twitter.com/j4cmfGiVz5
— Santiment (@santimentfeed) November 22, 2022
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