Bitcoin and Ethereum traded in the green on Thursday evening, as the global cryptocurrency market cap rose 4.9% to $943.7 billion as of 8:19 p.m. EDT.
|Piece of money||24 hours||7 days||Price|
|Cryptocurrency||% change over 24 hours (+/-)||Price|
|UNUS SED LEO (LEO)||+14.1%||$4.92|
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Why is this important: Major cryptocurrencies moved in the opposite direction of stocks, which closed lower on Thursday.
The S&P 500 and Nasdaq closed down 0.8% and 1.4% respectively. At the time of writing, US stock futures were slightly higher.
Meanwhile, 10-year Treasury yields rose from four-month lows seen in early August as investors expected the U.S. Federal Reserve will continue to maintain its hawkish stance and maintain higher rates even as it hurts economic growth, Reuters reported.
The yield curve between 2-year and 10-year Treasury bills is the most inverted since 2000. The inversion reached as low as minus 58 basis points, showing growing concern over a coming recession.
“Bitcoin is doing very well as global bond market selling heats up. Recently, it looks like Bitcoin would be significantly lower if Wall Street saw Treasury yields soar and stocks sell off, but that’s not happening. Bitcoin’s bottom could be in place if throughout this market volatility it can sustain the $18,000 level,” said Edouard Moyaa senior market analyst with OANDAin a note seen by Benzinga.
Trader in cryptocurrency Justin Bennett said we would likely see “bullish claims” especially for Bitcoin.
“I think everyone will have to wait a little longer for the big drop,” he said on Twitter.
We will likely see bullish rallies at today’s close, namely $BTC.
— Justin Bennett (@JustinBennettFX) September 22, 2022
Trader in cryptocurrency Michael van de Poppe said the total cryptocurrency market capitalization has recovered to the 200-week moving average, which is positive for the markets.
Total market capitalization for #Crypto regain the 200-week MA.
That would be positive for the markets, overall. pic.twitter.com/aUXkrsxmeI
— Michael van de Poppe (@CryptoMichNL) September 22, 2022
Jon Haspela senior institutional trading associate at BlockFi, tweeted that regardless of the prevailing macro landscape, Ethereum has been under pronounced selling pressure due to many factors such as dwindling whale wallets, selling off miners and Ethereum Pow (ETHW) trade.
Well, regardless of the macroeconomic landscape, many factors influenced ETH’s pronounced selling pressure:
— Jon Haspel (@jon_haspel) September 22, 2022
Meanwhile, the XRP/BTC price ratio hit a one-year high of 0.000025 as optimism grows around Ripple settling a lawsuit with the US Security and Exchange Commissionsaid Santiment.
“Active shark and whale addresses from 1m to 10m [XRP] have been in an accumulation pattern since late 2020,” the market news platform said on Twitter.
The price ratio of $XRP/ $BTC hit a one-year high of 0.000025 on continued optimism of a potential settlement of #Ripple with the #SECOND. Addresses sharks and active whales from 1m to 10m $XRP have been in an accumulation pattern since late 2020. https://t.co/z0E12cpn4G pic.twitter.com/dnmQZVxfvO
— Santiment (@santimentfeed) September 22, 2022
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