Bitcoin, Ethereum and Dogecoin Mixed: Cryptocurrencies Weaken as ‘risk appetite has just left the building’ – Analyst Says – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

The two largest cryptocurrencies traded in opposite directions Thursday night as the global cryptocurrency market cap shrank 0.3% to $837.4 billion at 8:11 PM ET.

The price performance of the major currencies
Currency 24 hours 7 days price
bitcoin Bitcoin / US Dollar 1.3% -3.7% $16,925.08
Ethereum ETH/USD -0.7% 6.6% $1,213.69
Dogecoin DOGE/USD -1% -5% $0.085
Top 24-hour gainers (data via CoinMarketCap)
Cryptocurrency Change by 24 hours (+/-) price
Litecoin (TWT) +9.6% $63.33
Arouf (AR) 7.5% $10.28
Once (LEO) +4.5% $4.04

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

why does it matter: Cryptocurrencies traded lower along with stocks as the bear market surged on Wall Street. The S&P 500 and Nasdaq closed Thursday down 0.3% and 0.35%, respectively.

On Thursday, St. Louis Federal Reserve Chairman Jim Pollard The interest rate increases mentioned so far have not sufficiently brought down inflation. Meanwhile, weekly jobless claims remained low at around 220,000, meeting consensus estimates.

The Fed’s Bullard indicated that the interest rate isn’t “constrained enough” yet. He also highlighted a pessimistic scenario that could raise the interest rate to 5% and an optimistic rate at 7%. Bullard said he is targeting at least another 125 basis points in rate hikes, which would raise the target range to 5.00-5.25%,” said OANDA’s senior market analyst. Edward Moyain a note seen by Benzinga.

“Cryptocurrencies are weakening as risk appetite is out of the building. Today’s weakness is mainly due to exhaustion with a bear market rally boosting stocks,” the analyst said.

“A lot of bad news has been priced in, so it could lead to the collapse of a major crypto company or a risk-off move on Wall Street to take Bitcoin below its recent low.”

The next federal policy meeting is scheduled in 26 days on December 13-14. According to data obtained from the CME FedWatch tool, 80.6% of interest rate traders expect a 50 basis point hike at the December meeting.

Screenshot from the CME Group’s federal surveillance tool

Justin Bennett He tweeted that “Anyone hoping for a pivot or even a pause in price hikes will be disappointed.” The trader said, “The Fed will go higher until something breaks.”

Meanwhile, the cryptocurrency market continues to assess the collapse Sam Bankman Fried-Drove FTX And the Alameda Research.

Cryptocurrency dealer Michael Van de Poppe He said, “This whole story of FTX using clients’ money to buy real estate, but also of him lending money to himself. It’s mental. But it starts to explain how all of a sudden $8 billion has disappeared.”

Lead Analyst in the Series with glass He said that all bitcoins that have flowed to exchanges since January 2018 have “now been withdrawn.”

Self-custodial and immediate payment [Bitcoin] “The markets are back on the menu,” said the analyst.

read the following: New FTX boss appalled by mismanagement at Crypto Exchange under Sam Bankman-Fried

#Bitcoin #Ethereum #Dogecoin #Mixed #Cryptocurrencies #Weaken #risk #appetite #left #building #Analyst #Bitcoin #BTCUSD #Ethereum #ETHUSD #Dogecoin #DOGEUSD

Leave a Comment

Your email address will not be published. Required fields are marked *