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Business

Bitcoin Spikes Above $21,000: Is The Move Sustainable Or Just Speculative Mania? – Cardano (ADA/USD), Bitcoin (BTC/USD)

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The largest cryptocurrency by market capitalization, Bitcoin BTC/USD has spiked above the psychologically important barrier of the $21,000 mark. Saturday’s move brought cheer to the subdued markets, which have been rattled by the collapse of several high-profile companies, including cryptocurrency exchange FTX FTT/USD.

The rally in prices of major cryptocurrencies like Polygon MATIC/USD and Solana SOL/USD and memecoins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD, is fuelled by optimism that digital currencies may have bottomed.

This is the first time since Nov. 8, 2022, that Bitcoin has crossed $20,000, having experienced 11 consecutive days of upward movement.

Other notable cryptocurrencies such as Ethereum ETH/USD and Cardano ADA/USD also saw substantial gains, pushing the total market capitalization of the cryptocurrency market over the $1 trillion mark for the first time since November.

The current spike in Bitcoin’s value comes after the Labor Department issued data showing that top-line inflation rose by 6.5% in December, down from 7.1% in November.

On Thursday, Federal Reserve policymakers expressed relief that the inflation rate continued to decrease in December.

Bear Market Not Over

Anndy Lian, Chief Digital Advisor, of Mongolian Productivity Organization tells Benzinga says investors should take a cautionary stance and not become too bullish on the digital currency.

“This does not mean that the bear market is over. Firstly, the lack of Bitcoin trading volume around the region of $18,000 and RSI shows that bitcoin is over-bought, showing that the rally could be short-lived.  Secondly, the massive layoffs by the crypto companies and the SEC’s new charges on Genesis and Gemini for the Unregistered Offer and Sale of Crypto Asset Securities looks like it would take a longer time to see a real sustainable bull run,” he says.

He added that Bitcoin and other cryptocurrencies tend to respond more quickly to macroeconomic changes and shifts than stocks do and that we may be currently witnessing such a shift.

“I do see more investors putting more capital over the week. Overall, this is still a positive sign for the market,” he adds.

Also read: SingularityNET’s AGIX Token Soars 245% — Is It The Next Big Thing In AI?

Mainstream Adoption Will Lead To More Stability

According to Scott Tripp, a member of redecentralise.com, a not-for-profit organization, the increasing mainstream acceptance and institutional adoption of Bitcoin will lead to more stability in its price over time, the current rally is driven by speculative mania and may not be sustainable in the long run.

Bitcoin May Shoot Up Further Over 2024

Raj A Kapoor, the founder of India Blockchain Alliance, predicts that 2024 could be the year when Bitcoin experiences a significant price increase due to the halving event.

According to Kapoor, this event could be responsible for the current positive sentiment and upward trend in Bitcoin’s value.

“I also feel that large investors or Bitcoin Whales have resumed their Bitcoin holdings. The large Bitcoin whales are keeping between 1,000 and 10,000 BTC in their wallets, according to data from Santimen clearly indicating that investors have been stocking up on Bitcoin, which may be a hint of a recovery in the price of Bitcoin,” Kapoor adds.

Next: FTX Scandal: Media Companies Push For Public Disclosure Of Former CEO Sam Bankman-Fried’s $250M Bond Co-Signers

Photo: courtesy of Shutterstock.

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Bitcoin, Ethereum, Dogecoin Start Week Lower: Analyst Says ‘Most Will Leave Just Before Buy Of A Lifetime’ – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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Bitcoin and Ethereum were trading in the red on Monday evening as the global cryptocurrency market cap shrank 1.5% to $818.6 billion at 8:22 p.m. EST.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -1.1% 1.9% $16,182.89
Ethereum ETH/USD -1.7% 5.3% $1,166.97
Dogecoin DOGE/USD -2.5% -26.4% $0.09
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Fantom (FTM) +7.9% $0.20
ApeCoin (APE) +8.1% $4.10
Chainlink (LINK) +5.7% ​​$7.21

See Also: Moomoo Vs. Robinhood — Which Is Better For You?

Why It Matters: Risk assets, including cryptocurrencies, were under pressure on Monday following COVID-19-fueled unrest in China. S&P 500 and Nasdaq ended 1.5% and 1.6% lower intraday. U.S. stock futures were seen flat at the time of writing.

Investors will keep an eye on a speech by Federal Reserve Chair Jerome Powell on Wednesday. The next rate decision by the U.S. central bank is expected at the December 13-14 meeting of the Federal Open Market Committee.

On Monday, cryptocurrency lender BlockFi declared bankruptcy as the aftermath of FTX’s collapse continues to play out.

“Bitcoin remains under pressure despite recovering slightly last week.

Cryptocurrencies are still suffering the fallout from the FTX collapse and the still unknown full extent of the contagion,” said Craig Erlam, a senior market analyst with OANDA.

“The fact that risk appetite is weak today also won’t be helping and bitcoin is off around 2% as a result and not far from $16,000. While it’s seemingly trying to form a base around $15,500-17,000, it may be easier said than done in this environment,” said Erlam, in a note, seen by Benzinga.

As the market awaits clarity, BTC volatility has contracted said Delphi Digital, citing a metric known as Bollinger Band Width Percentile. 

The market intelligence platform said in a note that BBWP has reached 3.57 amid the FTX collapse during Nov. 5-10, a period when BTC price shrank by over 27%.

“The last four instances of similar moves in the indicator have led to one upside move of 46% and three downside moves of -35% on average. Such a downside move from current price levels takes BTC to $10.5K,” said Delphi Digital.

BTC Price On Bitfinex and BBWP Since Nov. 2022 — Courtesy Delphi Digital

The BBWP is a second-order derivative of the Bollinger Bands, a volatility-based indicator compromising of three lines with the middle line being the 20-day simple moving average and the upper and lower lines being two standard deviations away.

Glassnode said that the FTX fallout has “triggered one of the largest capitulation events in Bitcoin history.”

“This sell-off saw significant statistical deviations outside the mean on investor losses. The current unrealized loss held by the actively traded coin supply is effectively at an all-time low, rivaling only the very pico-bottoms of the 2015 and 2018 bear cycles,” said the on-chain analysis company.

Bitcoin: Realized Loss 7-Day Sum — Courtesy Glassnode

Glassnode said that November was the fourth-largest capitulation event on record with a 7-day realized loss of negative $10.16 billion.

“This is 4.0x larger than the peak in Dec 2018, and 2.2x larger than March 2020.”

Meanwhile, traders are pointing out an opportunity for accumulation. Michaël van de Poppe said that the total altcoin market capitalization is resting at the all-time high of 2017. “It’s also on support. Not the worst spot to look for entries on your investment bags”

Justin Bennett said that “Most will leave just before the buy of a lifetime, which is getting closer.” The cryptocurrency trader told his followers on twitter that “Patience pays.”

On the Whale front, 47,888 BTC has been accumulated in a span of the past 5 days, said market intelligence platform Santiment. This comes after Bitcoin whales spent 13 months dumping their cumulative holdings as the price of the apex coin dropped.

Read Next: Crypto Analyst Who Predicted Bitcoin’s Collapse Pegs New Price Target: ‘When It Breaks Below 16k…’

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Harvard Professor Says Bitcoin Better Weapon Than Gold For Central Banks Against Sanctions – Bitcoin (BTC/USD)

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Harvard economics professor Matthew Ferranti has created a bit of a stir with a new research paper where he advises central banks to buy Bitcoin BTC/USD

What Happened: According to Ferranti’s research, it makes sense for many central banks to hold a small amount of Bitcoin under normal circumstances, and much more Bitcoin if they face sanction risks.

See More: Best Cryptocurrency to hedge against inflation

In his paper “Hedging Sanctions Risk: Cryptocurrency in Central Bank Reserves,” Ferranti explores the possibility of Bitcoin serving as a hedging alternative asset. 

In the event that a central bank is unable to sufficiently hedge its sanctions through physical gold, the better option according to him is Bitcoin. 

Why It’s Important: Gold is the obvious choice for a country looking to protect itself against sanctions, he said in an interview with Forbes. However, obtaining physical gold may be difficult in certain cases.

“It may take a long time to obtain gold, which a country under threat of sanctions may not have, and physical possession of it may be impossible.” This is where Bitcoin can come to the rescue.

According to his research, from 2016 to 2021, countries facing a higher risk of U.S. sanctions saw an increase in their gold reserves, while countries facing a lower risk saw a decrease in their gold reserves.

Despite the face-ripping price volatility of Bitcoin or other cryptocurrencies, Ferranti’s model shows that they could serve as an effective sanction insurance policy.

Price Action: BTC is trading at $16,493, up 4.97% at the time of writing, according to Benzinga Pro.

Read Next: Cathie Wood Reiterates $1M Price Target For Bitcoin: ‘Sometimes You Need To Go Through Crisis To See Survivors’

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Business

Bitcoin, Ethereum, Dogecoin Spike — Analyst Says ‘Decent Chance We See BTC Run The Highs Here’ – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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Major coins were seen trading higher on Tuesday evening as the global cryptocurrency market cap rose 2% to $804.9 billion at 8:33 p.m. EST.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 2.3% -3.8% $16,193.39
Ethereum ETH/USD 2.4% -10% $1,131.27
Dogecoin DOGE/USD 4.1% -9.75% $0.08
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Curve Dao Token (CRV) +27.8% $0.65
Litecoin (LTC) +14.1% $69.98
Convex Finance (CVX) +12% ​​$3.99

See Also: Webull vs. eToro: Which Is Better For Crypto?

Why It Matters: Bitcoin and Ethereum traded in the green on Tuesday evening on a day stocks ended on a positive note. The S&P 500 and Nasdaq both closed 1.4% higher intraday. Stock futures were largely unchanged at the time of writing. 

Investors are expecting the release of the Federal Open Market Committee on Wednesday. Earlier, Cleveland Fed President Loretta Mester said milder inflation data was “good news” but not enough to stop the cycle of rate hikes.

“The latest round of Fed speak did not teach us anything new,” said Edward Moya, a senior market analyst with OANDA.

“The labor market is a key concern for the Fed, Mester also pointed out that labor demand is still outpacing supply. Recent trends however are showing the labor market is showing signs of cooling.”

On Bitcoin, Moya said it is “back above the $16,000 level but still remains in the danger zone 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 does not hold, technical selling could send prices toward the $13,500 region.”

Cryptocurrency trader Michaël van de Poppe said that the apex coin is “showing some more continuation” but “needs to reclaim some more levels to show serious strength.”

Justin Bennett said that “markets are still range-bound, but short liquidations are building above $17k.” The trader said, “Decent chance we see [Bitcoin] run the highs here.”

Market intelligence platform Santiment noted that the word “dead” has been circulating in cryptocurrency discussions since November.

“As one of the more [bearish] sentiment words, this is a sign of traders giving up on markets rebounding. Ironically, this capitulation is historically when markets rebound.”

Read Next: What’s Going On With Grayscale Bitcoin Trust (GBTC) Today?



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Business

‘Bedazzled by money’: Democratic ties to Sam Bankman-Fried under scrutiny after FTX collapse

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Sam Bankman-Fried’s fall from grace has dealt an unprecedented blow to the crypto industry’s reputation — and some of this infamy may rub off on politicians who took his money, as well as on former regulators and Capitol Hill staffers who took well-paying jobs representing digital-asset companies before Congress.

Bankman-Fried, founder and CEO of the crumbling cryptocurrency exchange FTX, was one of the most generous donors to political causes during the 2022 election cycle, doling out $40 million, mostly to Democrats, with a particular focus on buoying crypto-friendly politicians in Democratic primaries.

FTX, like many other crypto firms, also aggressively recruited former federal regulators and Capitol Hill staffers, an often-criticized practice but one that has been common in the financial-services industry for decades.

Jeff Hauser, director of the left-leaning Revolving Door Project, said that Democratic politicians who worked closely with Bankman-Fried will have much to explain to the progressive wing of the party.

“A lot of people in the Democratic party got really close to Sam Bankman-Fried, and it reflects very badly on people who took this guy seriously,” he said. “People who in their past lives have taken on corporate power have been bedazzled by money seemingly being thrown their way.”

Bankman-Fried was the primary funder of the Protect Our Future PAC, which spent tens of millions of dollars in Democratic primaries this year. He also floated the idea of spending upwards of $1 billion in the 2024 presidential election to beat Donald Trump if he were the Republican nominee.

Promises of money on this scale likely tantalized many Democratic politicians, Hauser said, whether or not Bankman-Fried ever planned to go through with those contributions.

The crypto industry has also wielded influence by hiring former Capitol Hill staff and federal financial regulators to lobby and advise them on regulatory matters. The Campaign for Accountability, a nonpartisan anticorruption watchdog, published a report in February that found 240 examples of officials with key positions in the White House, Congress, federal regulatory agencies and national political campaigns moving into and out of the industry.

“The crypto industry is following the standard playbook for advancing special interests in Washington, including using all the levers of the influence industry,” Dennis Kelleher, president and CEO of the nonpartisan financial-reform organization Better Markets, told MarketWatch. “One of the most pernicious parts of that is the revolving door, where former officials essentially sell out their public service by using their access and influence on behalf of their private clients.”

Kelleher praised the performance of federal banking and securities regulators who have succeeded in keeping the carnage in the crypto markets segregated from the traditional financial system as popular tokens like bitcoin
BTCUSD,
-1.14%
and ether
ETHUSD,
-1.61%
lost more than 70% of their value over the past year.

Nevertheless, he believes crypto’s influence campaign has convinced lawmakers that what’s needed is to pass legislation that would tailor the financial-regulatory apparatus to be more friendly to the business models of digital-asset companies, rather than increasing funding for market regulators to enforce the regulations already on the books.

A bill put forward in June by Republican Sen. Cynthia Lummis of Wyoming and Democratic Sen. Kirsten Gillibrand of New York would do just that, granting regulatory authority for the most popular cryptocurrencies to the Commodity Futures Trading Commission, which critics of the bill say is more crypto-friendly than the Securities and Exchange Commission.

Another bipartisan bill from Senate Agriculture Committee Chairwoman Debbie Stabenow of Michigan, a Democrat, and Sen. John Bozeman of Arkansas, the committee’s ranking Republican, envisions a similar setup.

Kelleher said that these bills are the product of the crypto industry’s intense lobbying efforts, and without that push, lawmakers might see that what is needed is more funding to enforce securities laws that already exist.

“People need to realize that the crypto industry is basically lawless,” Kelleher said, adding that exchanges like FTX could have made the decision to register as a securities exchange with the SEC, whose supervision would have ensured that the company couldn’t engage in the type of activities that led to its downfall.

“The industry made the conscious decision to not comply with the law, to spend hundreds of millions of dollars on public officials to get a special law passed so they get special treatment,” he said.

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Business

Bitcoin, Ethereum, Dogecoin See Large Liquidations Amid FTX Scare – Bitcoin (BTC/USD)

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As Sam Bankman-Fried‘s FTX witnesses an intensive selloff in its native token, FTT FTT/USD, Bitcoin BTC/USD, Ethereum ETH/USD, and Dogecoin DOGE/USD saw $17.37 million in liquidations, or 45% of the total market liquidation, in the past hour.

What Happened: According to CoinGlass, BTC accounted for over $7.45 million of all liquidations, followed by ETH at $8.69 million and DOGE at nearly $1.23 million in the last hour.

FTT is currently experiencing $2.43 million worth of liquidations. 

This comes as cryptocurrency prices plummeted amid reports of FTX bankruptcy. Changpeng Zhao, the founder and CEO of Binance BUSD/USD, the world’s largest cryptocurrency exchange, announced that his trading platform is about to liquidate its entire FTT holdings.

See More: FTX Token (FTT) On-Chain Trading Signals 

FTX recorded over $18.51 million worth of liquidations — $11.76 million longs ( traders betting on higher prices) and $6.75 million shorts (traders betting on low prices). Binance topped the table for market liquidation accounting for $24.30 million in liquidations.

Price Action: In the past hour, Bitcoin declined 2.22%, falling below the key $20,000 level. Ethereum dropped 2.03% to $1,461.75. Dogecoin was down 0.70%, falling below the $1 mark, according to data from Benzinga Pro.

Read Next: FTX Token (FTT) Plunges 19% In 1 Hour Amid Binance’s Plan To Liquidate Entire FTX Native Token Holdings

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Dogecoin Rally Halts, Bitcoin, Ethereum Down After Fed Rate Hike — But 1 Major Crypto Is Still Charging Ahead – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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Major coins traded in negative territory on Wednesday evening as the global cryptocurrency market cap declined 1.8% to $999.6 billion at 9:31 p.m. EDT.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -1.5% -2.7% $20,225.41
Ethereum ETH/USD -3.4% -2% $1,534.63
Dogecoin DOGE/USD -8.1% 80.5% $0.13
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Arweave (AR) 37.4% $14.09
Litecoin (LTC) 15.3% $63.65
Mina (MINA) 15.3% ​​$0.78

See Also: eToro Review  — Crypto, Copy Trading & More

Why It Matters: Bitcoin, Ethereum, and Dogecoin all were trading lower after the Federal Reserve’s latest rate hike caused risk assets, including stocks, to plummet. 

The tech-heavy Nasdaq closed 3.4% lower intraday, while S&P 500 ended Wednesday’s session 2.5% down. At the time of writing, U.S. stock futures were flat.

On Wednesday, all 12 Federal Open Market Committee members voted to raise the target fed funds rate by 0.75% to a range of between 3.75% and 4%. This was the fourth straight such rate hike in the U.S. Federal Reserve’s fight against inflation.

Edward Moya, a senior market analyst with OANDA, noted the dovish part of the Fed’s statement, where the central bank said that it will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

“Bitcoin continues to trade above the $20,000 level as the Fed has confirmed what markets were hoping for; A downshift in tightening is coming. The initial Fed reaction was rather strong for most risky assets, but it was not sustained as the central bank will remain dependent, with the next round of inflation data,” said Moya, in a note seen by Benzinga.

“Inflation has been high for 18 months and the Fed will remain committed to using their tools, which means we won’t get a greenlight for risky assets until inflation is dropping sharply.”

Justin Bennett noted that the dollar index still has “bull flag potential” and is set to close above the 111.80 mark.

“​​Those wishing for an extended rally from [crypto] need the DXY back below this 111.50-111.80 area in the coming days,” said the trader.

Dogecoin, which surged over the past week after Elon Musk‘s Twitter takeover, was seen cooling off on Wednesday evening.

The meme coin’s 24-hour trading volume declined 41.3% to $4.6 billion, according to CoinMarketCap data. At the time of writing, over 24 hours, Coinglass data indicated that $23.8 million worth of DOGE was liquidated.

Serhii Zhdanov, CEO of cryptocurrency trading platform EXMO, said in a note that for almost three-and-a-half days when DOGE traded between 6 and 9 cents, it accounted for 20% of the exchange’s weekly trading volume. 

DOGE/USD Volume Distribution Between Oct.26 and Nov. 1 — Courtesy EXMO

“A sharp jump in price occurred on October 29: DOGE rose by more than 50% in 8 hours. This is the main reason why there was relatively little trading volume between $0.09 and $0.12. The excitement in the market began with an increase above 0.12 USD,” said Zhdanov.

In the second half of the week, trades were mostly between 12 to 15 cents and this period accounted for 57% of the weekly trading volume.

Market intelligence platform, Santiment, noted that Litecoin (LTC) is “currently on a nice run” and decoupled from the cryptocurrency pack. 

“We have seen that the amount of addresses with 1,000 or more [LTC] has grown rapidly since mid-June, and [LTC’s] price vs. [BTC] has grown +51% since June 12th. 

Santiment noted that 314 new shark and whale LTC addresses have been created since May 27. At the time of writing, LTC traded 16% higher at $63.80. For the week, the coin has gained 12.9%. It should be noted that LTC and DOGE can be mined together.

Read Next: What The Fed’s Latest Interest Rate Hike Means For The Crypto World



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Business

Dogecoin Rises Further On Musk Effect, Bitcoin, Ethereum Dip: Analyst Says Apex Coin Rally ‘Out Of Steam’ But Could Return If This Happens – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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The Dogecoin rally continued, but Bitcoin and Ethereum traded lower on Thursday evening as the global cryptocurrency market cap fell 2.3% to $983.2 billion at 8:01 p.m. EDT.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -2.3% 6.5% $20,291.06
Ethereum ETH/USD -3.4% 18% $1,513
Dogecoin DOGE/USD 5.9% 29.3% $0.08
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Klaytn (KLAY) 18.65% $0.25
TerraClassicUSD (USTC) 12.4% $0.04
Dogecoin (DOGE) 5.9% ​​$0.08

See Also: 10 Best Robinhood Alternatives To Use In 2022 

Why It Matters: The two largest cryptocurrencies were seen in the red on a day dominated by macroeconomic and earnings data. The S&P 500 and Nasdaq ended Thursday lower by 0.6% and 1.6% respectively. 

A decline in technology stocks weighed on Nasdaq futures, which were lower by 0.9%, while S&P 500 futures were down 0.6% at the time of writing.

U.S. gross domestic product rose at a 2.6% annualized rate for the third quarter, a number higher than average economic estimates of 2.4%. In the preceding quarter, GDP declined by 0.6%.

Initial jobless claims rose by 3,000 for the week ending Oct. 22 to 217,000 from an unrevised 214,000 mark in the prior week, data from the U.S. Labor Department indicated on Thursday.

OANDA Senior Market Analyst Edward Moya said that the data shows that the “economy is weakening.”

“​​It looks like the economy is still headed for a recession, but that might reinforce Fed pivot calls which still seem to be driving some inflows back into equities,” said Moya.

“Bitcoin’s rally has run out of steam. Momentum from the rally above the $20,000 level has stalled out as risk appetite struggles to find solid footing post earnings and U.S. economic data,” said the analyst in a note, seen by Benzinga.

“​​Bitcoin seems likely to consolidate leading up to the FOMC decision, but it could see further strength if the dollar continues to soften. ​ If Wall Street grows more concerned with the economic outlook, rates could slide even further, which is great news for crypto.”

Among the more prominent cryptocurrencies, Dogecoin continued its upward march, buoyed by Tesla Inc TSLA CEO Elon Musk’s imminent Twitter buyout. The memecoin is trading in an uptrend. It has a resistance at $0.083 and 0.099 and support at $0.075 and $0.067, according to Benzinga’s Melanie Schaffer.

Trading volume for DOGE spiked 98% to $2.65 billion at press time, according to CoinMarketCap data. Coinglass figures indicated that $16.47 million worth of DOGE was liquidated over 24 hours.

On Ethereum, Michaël van de Poppe said that the second-largest coin is facing resistance around the $1,600-$1,650 level. The cryptocurrency trader tweeted, “Might question whether we’ll continue the rally, and we clearly need to crack that resistance, and then face $1,750. Short term, I’d love to have entries around $1,400-1,450.”

The Amsterdam-based trader said that Bitcoin is still within the resistance level as it rejects around $20,800 and the long-time frame also rejects at $20,750. 

Justin Bennett touched on the dollar index, a measure of the greenback’s strength against six of its peers, in a tweet. The trader asked what if the dollar index “lower high and lower low everyone is getting excited about is just the beginning of a bull flag with a 120 measured objective.”

“This isn’t a trend I want to fight without higher time frame invalidation, which we don’t have,” said Bennett. Notably, the dollar index was 0.8% higher at 110.56 at the time of writing.

Read Next: Is Core Scientific Done? Bitcoin Miner Needs Cash, Warns Of Bankruptcy As Stock Plummets



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Bitcoin, Ethereum, Dogecoin Slide: Analyst Says It’s Time To Stash Up On Apex Crypto – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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The two-largest cryptocurrencies traded in negative territory Monday evening as the global cryptocurrency market cap slipped 3% to $918.7 billion at 9:12 p.m. EDT.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD -2.3% -2.7% $19,059.17
Ethereum ETH/USD -4.1% -3.2% $1,279.79
Dogecoin DOGE/USD -5.8% -2.4% $0.06
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
TerraClassicUSD (USTC) +22% $0.04
Huobi Token (HT) +20.1% $5.15
Maker (MKR) +5.1% ​​$956.84

See Also: How To Get Free NFTs

Why It Matters: Bitcoin and Ethereum followed major U.S. stock market indices that ended Monday in the red. The S&P 500 and Nasdaq closed 0.75% and 1% lower, respectively. At the time of writing, stock futures were marginally in the green.

Bitcoin is showing signs of struggles at the beginning of the week after it slipped below the $20,000 mark, according to Edward Moya, a senior market analyst with OANDA.

“Ultimately, little has changed though. The cryptocurrency has been fluctuating around $20,000 for months and that remains the case now.”

Michaël van de Poppe said that the Market Value to Realized Value (MVRV) ratio of Bitcoin — which is its market capitalization divided by realized capitalization — is at its lowest point.

“It means that the current traded price per Bitcoin is far beneath the fair value,” said the cryptocurrency trader on Twitter. He also mentioned other occasions when this happened, including the COVID-19 crash.

Van de Poppe urged his followers on the social media platform to “accumulate” Bitcoin.

Meanwhile, the dollar index, a measure of the greenback’s strength against a basket of six currencies, rose 0.3% on Monday. Analyzing a chart of the index, Justin Bennett, a cryptocurrency trader, said it was showing “some early signs of weakness.”

Notably, cryptocurrencies and other risk assets have recently moved in the opposite direction to the dollar index.

Kaiko Research said both Bitcoin and Ethereum open interest on Binance — the largest derivative exchange — has risen to all-time highs, which is a signal that fresh capital is entering the cryptocurrency markets.

Perpetual Futures Open Interest On Binance — Source Kaiko Research

The cryptocurrency market data company said in a note, seen by Benzinga, that Bitcoin open interest has shot up by 20% since the end of September to 183,000 BTC, while in a similar period Ethereum open interest rose by 10% to 1.3 million ETH.

Meanwhile, Bitcoin’s mining difficulty has adjusted to a new all-time high thanks to a rapid increase in network hash power, tweeted Glassnode.

“This increases the [BTC] cost of production, and puts additional stress on miners,” said the on-chain analysis company.

Read Next: Kevin O’Leary Says There’s One Primary Catalyst That Can Push Bitcoin Higher



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Business

Dogecoin Outstrips Bitcoin, Ethereum — Analyst Says ‘Relief Rally In Q4 is On The Horizon’ For This Major Coin – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)

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Cryptocurrencies were seen spiking on Tuesday evening as the global cryptocurrency market cap rose 2.7% to $970 billion at 8:17 p.m. EDT.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 3.2% 5.9% $20,286.32
Ethereum ETH/USD 2.9% 2.4% $1,363.23
Dogecoin DOGE/USD 8.55% 7.9% $0.065
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
Convex Finance (CVX) +9.5% $5.39
Dogecoin (DOGE) +8.4% $0.065
Elrond (EGLD) +6.1% ​​$55.35

See Also: How To Get Free NFTs

Why It Matters: Cryptocurrencies tracked gains in stocks on Tuesday, as the S&P 500 and Nasdaq closed 3.1% and 3.3% higher, respectively. At the time of writing, U.S. stock futures were marginally in the red.

The return of risk appetite was triggered by PMI numbers released this week, which indicate weakness. Traders speculated that this could prompt central banks to become more dovish.

“If that sounds like straw clutching, it’s probably because it is but then, equity markets have had a rough ride of late and that can’t last forever,” said Craig Erlam, a senior market analyst with OANDA. 

Notably, on Tuesday, the Reserve Bank of Australia hiked interest rates by a smaller-than-expected 25 basis points, pointing to previous substantial hikes, reported Reuters. 

“The slight disconnect between Bitcoin and other risk assets recently has been interesting. We’ve seen more resilience during downturns and seemingly less enthusiasm during rallies,” said Erlam, in a note seen by Benzinga.

“It will be interesting to see whether this relationship holds and what that means going forward.”

Among coins with large market capitalization, Dogecoin saw considerable gains on an intraday basis. The bellwether memecoin rose after Tesla Inc TSLA CEO Elon Musk revived the offer to purchase Twitter for $54.20 per share.

Musk, a DOGE-bull, is said to gravitate towards integrating the memecoin into Twitter should he go on to own the Jack Dorsey-founded social media platform.

Dogecoin whale transactions and funding rates spiked — both harbingers of price direction change, tweeted market intelligence platform Santiment on Tuesday.

Michaël van de Poppe said that it is time for the dollar index, a measure of the greenback’s strength against six of its peers, to see a “slight bounce.”

The Amsterdam-based cryptocurrency trader said he’s expecting bad unemployment numbers on Friday and then subsequently expects the indices to continue.

“Relief rally in Q4 is on the horizon for” Bitcoin, tweeted van de Poppe.

Meanwhile, Bitcoin miners are on the threshold of “acute income stress,” according to the on-chain analysis firm Glassnode, which used the Difficulty Regression Model to arrive at that conclusion. 

The Model is an estimate of the all-in-sustaining cost of production for the apex coin. Glassnode tweeted that Bitcoin has been “trading very close to its estimated cost of production price since the June sell-off.” 

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