Major coins traded in the red globally on Sunday evening cryptocurrency market capitalization decreased by 0.6% to 849.2 billion dollars.
|coin||24 hours||7-day||the price|
|Cryptocurrency||24 Hour % Change (+/-)||the price|
|Trust Wallet Token (TWT)||+4.1%||$2.64|
See also: eToro vs. Robinhood – Which is better for Crypto?
Why it matters: At the time of writing, Bitcoin and Ethereum fell, with US stock futures starting the week on a weaker note as investors await the US Federal Reserve’s key policy meeting.
On Tuesday, investors will receive November’s consumer price index numbers and look for signs of easing inflation. The Federal Open Market Committee should begin its two-day session on the same day.
CME Fed Watch Tool data shows that 73.5% of traders expect a 50 basis point rate hike on Wednesday.
Screenshot from CME Fed Watch Tool
Alternative.me’s “Crypto Fear and Greed Index,” a measure of investor sentiment, was showing “Fear” at the time of writing. The index shined with “Fear” last week as well.
“Bitcoin is doing nothing ahead of next week’s FOMC decision,” said OANDA’s chief market analyst. Edward Moya.
“Bitcoin is stuck in the $17,000 area, which could hold until next week’s FOMC decision. Next week is the last trading week of the year where we will see full participation, which could finally help Bitcoin have a more meaningful move,” he said. “If Wall Street is confident of a hike after the Fed’s February rate hike, and there is nothing new in cryptocurrency, you could see Bitcoin run to $18,000.”
Michael van de Poppe He said the price action in Bitcoin looks “unbelievably dire.”
The market capitalization of altcoins “doesn’t look too bad at this point,” the trader said. He said: “Housing repossessions are low at $460 billion. If $500 billion is enough, we can continue to move towards $600 and $680 billion. Overall, the uptrend and reversal are good signals.”
THE CryptoQuant UTXOs (Unspent Transaction Outputs) worth more than 1,000 BTC are becoming fewer and fewer, the analyst said, despite “giants” such as Goldman Sachs stating that current levels represent “huge opportunities in crypto.”
“These UTXOs, usually owned by large investors, continue to decline despite the recent price recovery. “Perhaps when we see this segment grow again or at least stabilize, it can be a good indicator to identify a good market bottom.” UTXO represents the remaining cryptocurrency after a transaction is made.
“At the moment, their expectations don’t look very positive,” said an analyst at the community-driven platform.
Read next: Cathie Wood predicts the FTX explosion will boost a crypto sector that ‘doesn’t skip a beat’
Leave a Comment