Bitcoin and Ethereum traded lower on Wednesday evening as the global cryptocurrency market cap dropped 1.8% to $841.15 billion at 7:21 p.m. EST.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -1.3% | -1.75% | $16,856.27 |
| Ethereum ETH/USD | -2.9% | -4.75% | $1,233.13 |
| Dogecoin DOGE/USD | -4.3% | -10.5% | $0.096 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Trust Wallet Token (TWT) | +4.5% | $2.44 |
| GMX (GMX) | +3.9% | $52.13 |
| Synthetix (SNX) | +3.5% | $1.97 |
See Also: 5 Best Robinhood Crypto Alternatives For 2022
Why It Matters: Ahead of an expected 50 basis point rate hike by the U.S. Federal Reserve, risk assets came under pressure from nervous investors worried about a looming recession.
Bitcoin and Ethereum were seen trading lower while U.S. stock futures traded largely flat at the time of writing.
Investors will keep a lookout for the weekly jobless claim numbers on Thursday and a slew of corporate earnings data on the same day.
“Bitcoin is down as risk appetite fades away on recession worries. Bitcoin has massive resistance at the $17,500 level and that should hold leading up to next week’s FOMC decision,” said Edward Moya, a senior market analyst at OANDA.
“Crypto could trade in ranges which might support intra-day volumes only. Long-term crypto bets that are waiting to be placed will require either a bullish fundamental trigger or a capitulation moment that has Bitcoin testing a key technical level."
Michaël van de Poppe noted the “mega moves” by the apex coin. The trader said he can’t wait for the “breakout to $16,950” level.
Mega moves of #Bitcoin, can’t wait for the breakout to $16,950.
— Michaël van de Poppe (@CryptoMichNL) December 7, 2022
Whales and shark investors are piling on Ethereum to their reserves as the second-largest coin’s price fluctuates, said Santiment.
The market intelligence platform said that key shark and whale addresses — holding 100 to 1 million ETH — own two-thirds of Ethereum’s overall supply. They added 2.1% more collective coins to their stocks in the past month.
Whales and sharks are adding more #Ethereum while prices fluctuate around $1,230. The key shark and whale addresses (holding 100 to 1m $ETH) own two thirds of the coin's overall supply, adding 2.1% more collective coins to their bags in the past month. https://t.co/BqEAkyWvxI pic.twitter.com/tHrVitHzIj
— Santiment (@santimentfeed) December 7, 2022
Bitcoin’s unspent transaction output (UTXO) volume estimated to have been purchased 1 week to 1 month rose sharply for the first time in the current bear market, said Dan Lim, an analyst with CryptoQuant.
Lim cited three instances in the past — the 2015 bear market, the 2018 bear market and the current bear market — when this movement took place at the bottom.
“It took 1358 days in 2018, and 1444 days in 2022 to make this movement,” noted the analyst.
$BTC - possibility of the bottom
— CryptoQuant.com (@cryptoquant_com) December 7, 2022
"The percentage of UTXO volume estimated to have been bought 1 week to 1 month increased sharply for the first time in this bear market."
by @DanCoinInvestor
Linkhttps://t.co/IGvU4bsLmM
UTXO represents the amount of digital currency that remains after a cryptocurrency transaction has taken place. It is the cryptocurrency world’s equivalent of change.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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