Price analysis
Bitcoin price consolidation could give way to gains in TON, APE, TWT and AAVE
The United States equities markets shrugged off the hotter-than-expected labor data on Dec. 2 and recovered sharply from their intraday low. This suggests that market observers believe the Federal Reserve may not change its stance of slowing the pace of rate hikes because of the latest jobs data. Although the FTX crisis broke the positive correlation between the U.S. equities markets and Bitcoin (BTC), the recent strength in equities shows a risk-on sentiment. This could be favorable for the cryptocurrency space and may attract dip buyers. Crypto market data daily view. Source: Coin360 The broader crypto recovery may pick up steam after more clarity emerges on the extent of damage caused by FTX’s collapse. Until then, bullish price action may be limited to select cryptocurrencies. Let’s lo...
Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes. This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution where he said that the central bank could reduce the pace of rate hikes “as soon as December.” That triggered a sharp rally in risk assets. After the latest jobs report, the market participants will closely watch the Fed’s comments and decision in its Dec. 13 and Dec.14 meeting. Daily cryptocurrency market performance. Source: Coin360 The Fed’s decision may also affect Bitcoin (BTC), which remains in a firm bear grip. Co...
Price analysis 11/25: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
FTX’s collapse dealt a major blow to the already fragile sentiment among cryptocurrency investors. Although a quick recovery is unlikely, Blockchain analysis firm Chainalysis said that the crypto universe could emerge stronger from this crisis. Chainalysis’ research lead Eric Jardine arrived at the conclusion after comparing FTX’s fall to that of Mt. Gox. Another calming statement came from Bloomberg Intelligence exchange-traded fund analyst James Seyffart, who said that there was a “99.9% chance” that the Grayscale Bitcoin Trust (GBTC) held the Bitcoin (BTC) it claimed. He added that GBTC was “unlikely” to be liquidated. Daily cryptocurrency market performance. Source: Coin360 The negative events of the past few days do not seem to have scared away the small investors who remain on an acc...
How bad is the current state of crypto? On-chain analyst explains
Despite the market downturn and the widespread negative sentiment in the industry in the wake of the FTX collapse, on-chain data still show reasons to be bullish on Bitcoin (BTC). As pointed out by on-chain analyst Will Clemente, it’s enough to look at the positions of long-term holders, which reached an all-time high despite their profitability being at an all-time low. “Long-term holders buy heavily into the bear market. They set the floor, […] and then those long-term holders distribute their holdings to new market participants in the bull market,” he told Cointelegraph in an exclusive interview. Another positive trend worth noticing after the FTX collapse, in Clemente’s opinion, is that the average crypto user is increasingly turning away from exchanges and taking self-cust...
Price analysis 11/16: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, UNI, LTC
The collapse of FTX cryptocurrency exchange has created a liquidity crisis in the crypto space, which could extend the crypto winter through the end of 2023, according to a research report by Coinbase. According to analysts, the FTX implosion could keep the institutional investors at bay because they are even more likely to tread cautiously for some time. The crisis has negatively impacted several crypto-focused companies who have assets stuck on FTX following the company’s bankruptcy filing on Nov. 11. Investors also fear the contagion could spread, causing further damage to the cryptocurrency ecosystem. Daily cryptocurrency market performance. Source: Coin360 Although several investors were rattled by the collapse of FTX, billionaire venture capitalist and serial blockchain in...
Price analysis 10/21: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC
The 10-year Treasury yield in the United States rose to its highest level since 2008. Although this type of rally is usually negative for risky assets, the U.S. stock markets recovered ground after the Wall Street Journal reported that some officials of the Federal Reserve were concerned about the pace of the rate hikes and the risks of over-tightening. While it is widely accepted that the U.S. will enter a recession, a debate rages on about how long it could last. On that, Tesla CEO Elon Musk recently said on Twitter that the recession could last “probably until spring of ‘24,” and added that it would be nice to spend “one year without a horrible global event.” Daily cryptocurrency market performance. Source: Coin360 Bitcoin’s (BTC) price has witnessed a massive drop from its all-time hig...
5 altcoins that could be ripe for a short-term rally if Bitcoin price holds $19K
The S&P 500 and the Nasdaq Composite fell to a new year-to-date low last week and closed the week with a loss of 1.55% and 3.11%, respectively. The scenario changed drastically on Oct. 17 after the earnings, season ramped up and a sharp policy reversal from U.K. Finance Minister Jeremy Hunt added detail to the government’s plan to fix his predecessor’s (Kwasi Kwarteng’s) fiscal package, which had triggered a record fall in the value of the GBP and a near liquidation of pension plans in the United Kingdom. At the time of writing, the Dow is up 1.78%, while the S&P 500 and Nasdaq present 2.57% and 3.26% respective gains. Meanwhile, Bitcoin (BTC) has managed to stay well above its year-to-date low showing short-term outperformance. Some analysts expect that Bit...
Price analysis 10/14: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, MATIC
The United States Consumer Price Index (CPI) increased 8.2% annually in September, beating economists’ expectations of an 8.1% rise. The CPI print lived up to its hype and caused a sharp, but short-term increase in volatile risk assets. The S&P 500 oscillated inside its widest trading range since 2020 and Bitcoin (BTC) also witnessed a large intraday range of more than $1,323 on Oct. 13. However, Bitcoin still could not shake out of the $18,125 to $20,500 range in which it has been for the past several days. Daily cryptocurrency market performance. Source: Coin360 Both the U.S. equities markets and Bitcoin tried to extend their recovery on Oct. 14 but the higher levels attracted selling, indicating that the bears have not yet given up. Could the increased volatility culminate wit...
Price analysis 9/30: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT
The United States equities markets have been under a firm bear grip for a large part of the year. The S&P 500 and the Nasdaq Composite have declined for three quarters in a row, a first since 2009. There was no respite in selling in September and the Dow Jones Industrial Average is on track to record its worst September since 2002. These figures outline the kind of carnage that exists in the equities market. Compared to these disappointing figures, Bitcoin (BTC) and select altcoins have not given up much ground in September. This is the first sign that selling could be drying up at lower levels and long-term investors may have started bottom fishing. Daily cryptocurrency market performance. Source: Coin360 In the final quarter of the year, investors will continue to focus on the inflat...
Price Analysis 9/26: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The United Kingdom is in focus following the British pound’s fall to a new all-time low against the United States dollar. The sell-off was triggered by the aggressive tax cuts announced by Prime Minister Liz Truss’s government. The 10-year gilt yields have soared by 131 basis points in September, on track for its biggest monthly increase since 1957, according to Reuters. The currency crisis and the soaring U.S dollar index (DXY) may not be good news for U.S. equities and the cryptocurrency markets. A ray of hope for Bitcoin (BTC) investors is that the pace of decline has slowed down in the past few days and the June low has not yet been re-tested. Daily cryptocurrency market performance. Source: Coin360 That could be because Bitcoin’s long-term investors do not seem to be panicking. Data f...
Price analysis 9/23: SPX, DXY, BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT
The S&P 500 index has declined about 5% this week while the Nasdaq Composite is down more than 5.5%. Investors fear that the Federal Reserve’s aggressive rate hikes could cause an economic downturn. The yield curve between the two-year and 10-year Treasury notes, which is watched closely by analysts for predicting a recession, has inverted the most since the year 2000. Among all the mayhem, it is encouraging to see that Bitcoin (BTC) has outperformed both the major indexes and has fallen less than 4% in the week. Could this be a sign that Bitcoin’s bottom may be close by? Daily cryptocurrency market performance. Source: Coin360 On-chain data shows that the amount of Bitcoin supply held by long-term holders in losses reached about 30%, which is 2% to 5% below the level that coinci...
Price analysis 9/21: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, SHIB
The Federal Reserve hiked rates by 75 basis points on Sept. 21 and Fed Chair Jerome Powell projected another 125 basis points increase before the end of the year. If that happens, it will take the benchmark rate to 4.4% by the end of the year, which is sharply higher than the June estimates of 3.8%. The Fed also intimated that it only expects rate cuts to be considered in 2024. The expectation of higher rates pushed the 2-year Treasury to 4.1%, its highest level since 2007. This could attract several investors who are looking for safety in this uncertain macro environment. Higher rates are also likely to reduce the appeal of risky assets such as stocks and cryptocurrencies and may delay the start of a new uptrend. Daily cryptocurrency market performance. Source: Coin360 Even though Bitcoin...
