Major coins were in the green on Thursday evening as the global cryptocurrency market cap rose 2.2% to $859.6 billion at 7:14 p.m. EST.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 2.3% | 1.5% | $17,233.61 |
| Ethereum ETH/USD | 4% | 0.4% | $1,281.08 |
| Dogecoin DOGE/USD | 2.9% | -3% | $0.10 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Trust Wallet Token (TWT) | +6.75% | $2.62 |
| Bitcoin SV (BSV) | +5.4% | $43.06 |
| Kava (KAVA) | +4.6% | $0.87 |
See Also: WeBull Vs. Robinhood — Compare Features, Platforms & More
Why It Matters: Bitcoin and Ethereum followed stocks higher on Thursday. The S&P 500 and Nasdaq closed 0.75% and 1.1% higher respectively. At the time of writing, U.S. stock futures were seen flat.
Investors will be on the lookout for the Producer Price Index (PPI), which is due Friday, and Consumer Price Index (CPI) data due Tuesday. While PPI measures wholesale inflation, CPI is a metric of price movement in goods and services purchased by households.
“Until we get beyond some key pricing data and the FOMC decision, bitcoin seems stuck in a seesaw around the [$17,000] level. Cryptos haven’t had any fresh developments stemming from the FTX collapse and that has provided a quiet period,” said Edward Moya, a senior market analyst with OANDA.
Michaël van de Poppe said that he expects “continuation for [Bitcoin] as long as we stay above” the $17,000 mark
There we go, very comparable price action to earlier.
— Michaël van de Poppe (@CryptoMichNL) December 8, 2022
Expecting continuation for #Bitcoin as long as we stay above $17K. pic.twitter.com/y4W285TUbi
On Ethereum, the cryptocurrency trader said that there has been a “good response.” Van De Poppe said on Twitter, “Have been waiting on this area to give some relief, we've got it and facing resistance. If we sustain and keep on making [higher lows], I think we'll test areas around $1,450.”
Good response on #Ethereum.
— Michaël van de Poppe (@CryptoMichNL) December 8, 2022
Have been waiting on this area to give some relief, we've got it and facing resistance.
If we sustain and keep on making HL's, I think we'll test areas around $1,450. pic.twitter.com/av8oXRoTzK
On-chain analysis firm Glassnode noted that over the last year, a total of $213 billion realized loss as been locked in by Bitcoin investors.
“This compares to yearly profits of $455 billion realized in the 2020-21 bull. This reflects a relative capital loss of ~47% of the bull market gains, similar in scale to the 2018 cycle.”
Over the last 365-days, a total of $213B in Realized Loss has been locked in by #Bitcoin investors.
— glassnode (@glassnode) December 8, 2022
This compares to yearly Profits of $455B realized in the 2020-21 bull.
This reflects a relative capital loss of ~47% of the bull market gains, similar in scale to the 2018 cycle. pic.twitter.com/y5jaSWEZ83
Chartist Ali Martinez noted that 33 whales holding between 1,000 to 100,000 BTC have left the network and redistributed 20,000 BTC ($344.34 million) in the last 96 hours.
#Bitcoin | Around 33 whales holding 1,000 to 100,000 $BTC have left the network, and these whales sold or redistributed around 20,000 $BTC in the last 96 hours. pic.twitter.com/1UdwaerN2U
— Ali (@ali_charts) December 8, 2022
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
