bitcoins And Ethereum Wednesday night as the global cryptocurrency market cap jumped 3.1% to $830.4 billion as of 9:07 PM EST.
|Currency||24 hours||7 days||Price|
|Cryptocurrency||% variation 24 hours (+/-)||Price|
|The graph (GRT)||+12.7%||$0.06|
See also:10 best Robinhood alternatives to use in 2022
Because matter: The release of the Federal Open Market Committee Wednesday’s minutes indicated that US central bank policymakers felt that “a slowing of the pace of the increase would probably be appropriate soon.”
Risk assets were seen rallying with expectations of a pivot mounted by the Federal Reserve. Cryptocurrencies are up and the stock has been in positive territory for two days in a row.
The S&P 500 and the Nasdaq finished up 0.6% and 1% respectively in intraday trading. At the time of writing, US stock futures were in the green.
“Bitcoin and cryptocurrency markets rebounded today after continuation of relief rally in S&P 500,” he said Marcus SotirioGlobalBlock analyst.
“Retail investors are piling up at a rapid pace, as the supply of Bitcoin held by on-chain entities ranging in size from 0.1 to 1 BTC is increasing,” Sotiriou said, in a note seen by Benzinga.
Sotiriou also noted that JPMorgan has registered a JP Morgan wallet with the US Patent and Trademark Office that includes cryptocurrency transfers and crypto payment services.
Cryptocurrency trader Michael van de Poppe noted that the total market cap for cryptocurrencies sits below its 200-week moving average but is still above its previous all-time high in 2017.
— Michael van de Poppe (@CryptoMichNL) November 23, 2022
Justin Bennett noted that Bitcoin is approaching the $17,000 level. The crypto trader said on Twitter: “I still think [Bitcoin] will run the $17,200 shorts before it runs out. It needs a close above $16,580 to do that.”
After a bullish deviation earlier this week, $BTC it’s getting close to that $17k level.
I still think #Bitcoins will run the $17,200 shorts before it runs out.
It needs a close above $16,580 to do that. https://t.co/9ADKuJe0Wz pic.twitter.com/y3oyYNaH6s
— Justin Bennett (@JustinBennettFX) November 23, 2022
On the chain analysis firm Glass knot tweeted that the total loss of the Bitcoin market “reached” the negative peak of $1.9 billion last Friday.
This is the fourth largest realized daily loss in history,” Glassnode said.
The total #Bitcoins On Friday, the market’s realized loss peaked at -$1.9 billion.
This is the fourth largest realized daily loss in history, ranking behind:
– $2.0 billion during the LUNA crash
– $2.2 billion in June 2021 at the start of the bear
– $2.5bn in June 2022 under $20k
Live Chart: https://t.co/VIgD2Xgaiv pic.twitter.com/5gBsUgnfZm
— glassnode (@glassnode) November 23, 2022
On the Ethereum side, shark and whale addresses continue to pile up with ETH prices less than a quarter of what they were a year ago.
“In October/November 2020, these 100 to 100,000 [ETH] addresses assisted in the push [ETH] to a +50% price increase in 5 weeks,” market intelligence platform Santiment said in a tweet.
#EthereumShark & Whale’s active addresses continue to pile up with prices less than a quarter of their own #AllTimeHigh levels of a year ago. As of October/November 2020, these 100 to 100,000 $ETH addresses assisted in the push $ETH at a price increase of +50% in 5 weeks. https://t.co/v8gh4RfV7z pic.twitter.com/Oe3lTo12uj
— Santiment (@santimentfeed) November 23, 2022
Read Next: Nouriel Roubini Says “Well Done” as New York Bans Carbon-Intensive Bitcoin Mining