Bitcoin and ether were trading almost unchanged on Thursday evening before the bank holiday weekend, when the global cryptocurrency market cap rose 0.2% to $811.2 billion as of 7:16 p.m. EST.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -0.6% | -3.15% | $16,817.27 |
| ether ETH/USD | 0.3% | -3.9% | $1,217.56 |
| Dogecoins DOGE/USD | 4% | -9.45% | $0.08 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Neutrino USD (USDN) | +7.4% | $0.56 |
| Terra classic (LUNK) | +5.7% | $0.00014 |
| Dogecoins (DOG) | +4% | $0.08 |
See also: A Beginner’s Guide to Automated Crypto Trading
Why it matters: While the two largest cryptocurrencies have been largely lackluster in terms of price action, the Leitwether meme coin, Dogecoinswas included in the list of top intraday winners.
Hopes of a “Santa Claus” rally faded on Thursday as a sell-off in risky assets returned. Tech stocks took a hit after numbers from a major chipmaker brought demand concerns to the fore.
On Thursday, the S&P 500 and Nasdaq closed down 1.45% and 2.2%, respectively. US stock futures were considered largely unchanged at the time of writing.
“Bitcoin and Ethereum are lower today as risk aversion is rampant on Wall Street. Tech stocks get hit hardest, thanks micronand that appears to be keeping pressure on all rate-sensitive sectors,” he said Edward Moyaa senior market analyst at OANDA.
Michael van de Poppe described Bitcoin’s price action as “beautiful” on Thursday. The cryptocurrency trader said that the Apex coin “hit support,” has “had a strong bounce since then,” and is now in a “resistance” zone.
He said that with this reaction from bitcoin -$17,400 seems like a likely level and it was long above the $16,800 -$16,900 level.
dealer Justin Bennett said it’s difficult to “expect” much downside from the dollar index — the measure of the dollar’s strength against a basket of six currencies. He expects a DXY bounce of 102,103. At the time of writing, the dollar index was at 104.39.
This year, cryptocurrencies had a strong inverse correlation with the dollar index. Major coins have usually followed the opposite direction to the index.
market research platform mood noted that the amount of self-custodial coins continues to make a new all-time high and currently stands at 18.2 million BTC. Coins on exchanges are just 1.2 million BTC, a four-year low.
Santiment took a decades-long view in his tweeted data.
The trend towards self-custody has recently accelerated following the insolvency of Sam Bankman Fried-LED FTX.
Bankman-Fried was tried in New York on Thursday. He is accused of fraud, money laundering and campaign finance violations. His bail was set at $250 million.
Continue reading: Crime and Entanglement: How the Bankruptcy of FTX, Alameda CEO’s guilty plea, went under