Major coins were trading higher on Tuesday night as the global cryptocurrency market capitalization rose 2% to $804.9 billion at 8:33 PM EST.
|Coin||24 hours a day||7 days||Price|
|Cryptocurrency||24-hour % change (+/-)||Price|
|Curve Dao Token (CRV)||+27.8%||$0.65|
|Convex finance (CVX)||+12%||$3.99|
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Why it matters: Bitcoin and Ethereum traded in the green on Tuesday night on a day where stocks ended positive. The S&P 500 and Nasdaq both closed 1.4% higher intraday. Equity futures were largely unchanged at the time of writing.
Investors are expecting the release of Federal Open Market Committee on Wednesday. Former Cleveland Fed President Loretta Master said softer inflation data was “good news” but not enough to stop the cycle of rate hikes.
“The latest round of Fed speech didn’t teach us anything new,” said Edward Moyaa senior market analyst at OANDA.
“The labor market is a key concern for the Fed, Mester also pointed out that demand for labor still exceeds supply. However, recent trends show that the labor market is showing signs of cooling.”
On Bitcoin, Moya said it is “back above the $16,000 level, but still at risk 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 ahead of 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 said the apex coin is “showing some more continuation” but “needs to regain a few more levels to show serious strength.”
— Michael van de Poppe (@CryptoMichNL) 22 November 2022
Justin Bennett said that “markets remain range but short liquidations build above $17k.” The trader said: “Decent chance we see [Bitcoin] run the tops here.”
Markets are still range but short liquidations are building above $17k $BTC.
— Justin Bennett (@JustinBennettFX) 22 November 2022
Market information platform Holy noted that the word “death” has been circulating in cryptocurrency discussions since November.
“As one of the several [bearish] sentiment words, this is a sign that traders are giving up on the markets recovering. Ironically, this capitulation is historically when markets recover.”
The word #death has circulated rapidly around #crypto platforms in November. As one of the several #bearish sentiment words, this is a sign that traders are giving up on the markets recovering. Ironically, this capitulation is historically when markets rebound. https://t.co/lZucDQEYli pic.twitter.com/j4cmfGiVz5
— Santiment (@santimentfeed) 22 November 2022
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