Bitcoin And Ethereum Wednesday night looked dark green as the global cryptocurrency market cap rose 3.1% to $830.4 billion at 9:07 PM EST.
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why it matters: edition of Federal Open Market Committee Minutes on Wednesday indicated that policymakers at the US central bank decided that “slowing the pace of growth will soon be appropriate”.
Risky assets saw a rally as expectations of a Federal Reserve pivot increased. Cryptocurrencies rallied and stocks remained in positive territory for two days in a row.
The S&P 500 and Nasdaq closed 0.6% and 1% higher, respectively, in intraday trading. At the time of writing, US stock futures were in the green.
“Bitcoin and Crypto Markets Rebounded Today After Continuing a Relief Rally in the S&P 500,” said Marcus SotiriouAn analyst at GlobalBlock.
In a note seen by Benzinga, Sotirou said, “Retail investors are piling up at a rapid pace as the supply of bitcoins held by on-chain entities grows between sizes of 0.1-1 BTC.”
Sotiriou also pointed out that JPMorgan has registered a JPMorgan Wallet with the United States Patent and Trademark Office that includes cryptocurrency transfer and crypto payment services.
cryptocurrency trader Michael van de Poppe noted that the total market cap for the cryptocurrency is below the 200-week moving average, but still above the previous all-time high in 2017.
— Michael van de Poppe (@CryptoMichNL) November 23, 2022
Justin Bennett Noted that bitcoin is approaching the $17,000 level. The cryptocurrency trader said on Twitter: “I still think [Bitcoin] $17,200 shorts running before it expires. A benefit of over $16,580 is needed to complete it.
After the bullish divergence earlier this week, $BTC Close to that $17k level.
I still think #bitcoin $17,200 shorts running before it expires.
A slot above $16,580 is needed to complete it. pic.twitter.com/y3oyYNaH6s
— Justin Bennett (@JustinBennettFX) November 23, 2022
on-chain analytics company glass node Tweeted that the overall bitcoin market hit a “peak” of negative $1.9 billion last Friday.
This is the fourth largest daily loss in history,” said Glassnode.
the whole #bitcoin Last Friday, the market realized losses of -$1.9 billion.
This is the fourth largest daily loss in history, after:
– $2.0 billion during the collapse of Luna
– $2.2 billion Recession starts in June 2021
– $2.5 billion below $20,000 in June 2022
Live Chart: pic.twitter.com/5gBsUgnfZm
— GlassNode (@glassnode) November 23, 2022
On the Ethereum side, the shark and whale addresses are piling up with ETH prices less than a quarter lower than a year ago.
“In October/November 2020 it will be 100 to 100,000 [ETH] assisted push addresses [ETH] More than 50% price increase in 5 weeks,” market information platform Sentiment said in a tweet.
#ethereumactive shark and whale addresses are piling up with prices less than a quarter of theirs #highest time ever level a year ago. This 100 to 100k in October/November 2020 $ETH assisted push addresses $ETH More than 50% increase in value in 5 weeks. pic.twitter.com/Oe3lTo12uj
— Sentiment (@santimentfeed) November 23, 2022
Read more: Nouriel Roubini says ‘well done’ after New York bans carbon intensive Bitcoin mining