Bitcoin was largely flat while Dogecoins and ether posted gains on Tuesday night as the global cryptocurrency market cap was largely unchanged at $1 trillion as of 9:01 p.m. EDT.
| coin | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.06% | 1.8% | $20,493.44 |
| ether ETH/USD | 1.15% | 7.8% | $1,588.40 |
| Dogecoins DOGE/USD | 14% | 125.4% | $0.14 |
| cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| Dogecoins (DOG) | +14% | $0.14 |
| clay coin (TON) | 11% | $1.67 |
| Shiba Inu (SHIB) | +4.8% | $0.000013 |
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Why it matters: Apex coin managed to hold the $20,000 mark even as shares closed in the red. The S&P 500 and Nasdaq lost 0.4% and 0.9% respectively on the day. Stock futures were seen flat at the time of writing.
Investors are looking to the US federal reserve Interest rate decision expected on Wednesday.
US job vacancies rose 10.7 million in September, data from the Bureau of Labor Statistics unveiled on Wednesday. The number was above the average economist estimate of 9.85 million.
The United States Federal Reserve will likely be watching this number closely as it tries to combat its hottest inflation in more than 40 years.
A majority, 87.8%, believe the Federal Reserve will hand out a 75 basis point rate hike on Nov. 2, according to CME Group’s FedWatch tool.
Screenshot from CME Group’s Fed Watch tool
“Bitcoin continues to hover above $20,000 as the Fed begins its two-day policy meeting. Bitcoin fell after the last JOLTS [Job Openings and Labor Turnover Survey] The report showed that the labor market was not ready to cool down,” he said Edward Moyaa senior market analyst at OANDA.
Justin Bennett said he considers it a “little suspect” as he believed the argument that Bitcoin has decoupled from stocks. “It’s hard to show something that hasn’t happened yet,” said the dealer.
Also suspicious is that 90% of these claims come from Bitcoin Maxis.
Probably no coincidence. lol
— Justin Bennett (@JustinBennettFX) November 1, 2022
“Also suspicious is that 90% of these claims come from bitcoin maxis. Probably not a coincidence,” Bennett said.
Michael van de Poppe sees “some slight signs” of a correction in the market. The trader pointed out that the dollar index is showing strength while bitcoin is “hanging around support.”
Looking at the markets, there are some slight signs of a short correction. $DXY shows strength while $BTC Support is hanging around and about to make a decision, probably 4-8 hours max.$AVAX bearish divergence.
Target $17.25 and $18 for potential longs. pic.twitter.com/JWXWZIoSXA
— Michaël van de Poppe (@CryptoMichNL) November 1, 2022
The dollar index, a measure of the greenback’s strength against six other currencies, was down 0.15% at 111.33 at the time of writing.
Glassnode said in a recent blog post that Bitcoin is yet to see a “convincing influx of new demand.” The on-chain analytics firm said, “It appears that the bear-to-bull transition has not yet formed, but it appears that seeds have been planted in the ground.”
Citing the balanced price of $16,500 and the realized price of $21,100, Glass Node said they have once again helped establish range boundaries as the market is “structuring a foundation.”
Meanwhile, Dogecoin shot up almost 14% on the day, boosted by a tweet from Tesla Inc TSLA Elon Musk. The post featured a Shiba Inu dog in a Twitter outfit.
DOGE’s 24-hour trading volume is up 45.4% to $7.9 billion at the time of writing, according to CoinMarketCap. Coinglass data showed that $30.8 million worth of meme coins were liquidated in 24 hours.
mood said in a note that when DOGE price first hit 15 cents, the number of active addresses was much higher than the coin, which is now reaching similar levels. The same applies to trading volume.
Dogecoin Active Addresses over 24 hours – Courtesy of Santiment
The market research platform said that while DOGE and related words have been among Santiment’s top five social trends over the past 4-5 days, they have finally lost the top spot, which is “very often an indicator of an incoming price decline.”
DOGE Social Volume and Sentiment – Courtesy of Santiment
Read on: After Musk’s tweet, 169 new DOGE contracts created on Ethereum are costing investors thousands of dollars amid meme coin rally