The two largest coins traded higher on Wednesday night, while the global cryptocurrency market cap fell 0.4% to $1 trillion.
| coin | 24 hours | 7-Take | Preis |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 0,4% | -8,4% | $21.477,66 |
| Ethereum (CRYPTO: ETH) | 1,7% | -9,6% | $1.668,36 |
| Dogecoin (CRYPTO: DOGE) | 0,6% | -15,7% | $0.07 |
| Cryptocurrency | 24 hour % change (+/-) | Preis |
|---|---|---|
| written off (DCR) | +11,8% | $32,27 |
| Inc (Anchor) | +8,7% | $0,04 |
| Cosmos (ATOM) | +7,2% | $13 |
See also: Best USDC Interest Rates
Why this matters: Bitcoin and Ethereum are trading in the green at press time. The S&P 500 and Nasdaq futures were each down nearly 0.1%.
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The rebound in shares during the regular trading session was “small and on low volume,” it said Edward Moyasenior market analyst at OANDA.
“Most traders are waiting for the Fed chair to speak [Jerome Powell’s] at the Jackson Hole Symposium,” Moya wrote in a note seen by Benzinga.
“Jackson Hole will be massive for Bitcoin and if it paves the way for the Fed to stay aggressive with inflation, we’ll quickly see if institutional money stays patient with their crypto bet. The correlation with bitcoin and stocks remains, but that might weaken soon as investors become confident that the US can avoid a deep and painful recession,” the analyst said.
The annual Federal Reserve symposium in Jackson Hole is scheduled to begin Thursday.
Michael van de Poppe tweeted, “Markets are more eager to break out to the upside (crypto) than down.”
The cryptocurrency trader said “consolidation” is underway and some altcoins are already breaking out to the upside.
Seems like the markets are more eager to break out to the upside (crypto) than down.
Consolidation takes place while some #altcoins break out of this construction upwards.
— Michaël van de Poppe (@CryptoMichNL) August 24, 2022
Justin Bennett does not expect the US Federal Reserve to pivot anytime soon given the current macro environment.
The trader pointed out in a Twitter thread that the “solid employment numbers” are not “a reliable indicator of economic health. It’s one of the most lagging indicators out there.
And just to be clear, solid employment numbers are not a reliable indicator of economic health. It’s one of the weakest indicators ever.
— Justin Bennett (@JustinBennettFX) August 24, 2022
Meanwhile said of Cathie Wood directed Ark Investment Management-Analyst David Puellthat the total value of transactions made in dollars via the Bitcoin network has passed the $100 trillion mark.
Puell said: “For a true measure of cumulative economic activity, $7.3 trillion (adjusted for change and business) is the mark.”
Keep your horses, cowboys and cowgirls. This is just a milestone and fact, and should be read as such.
For a true measure of cumulative economic activity, $7.3 trillion (adjusted for change and business) is the yardstick. pic.twitter.com/oPnuDfUs3S
— David Puell (@dpuellARK) August 24, 2022
On the Ethereum side closes loudly Saintly the gap between the top 10 largest non-exchange addresses and exchange addresses as the network nears merger.
The market intelligence platform said on Twitter, “As of May 10th, these top non-exchange $ETH addresses are holding 11% less coins & top exchange addresses are holding 78% more.”
The gap between #Ethereum‘The top 10 largest non-public & public addresses closes as we focus on the #Merge move in 3 weeks. As of May 10, these top non-exchange$ETH Addresses 11% less coins, & top exchange addresses hold 78% more. https://t.co/k5OlJ1hG3D pic.twitter.com/XOAVhXaKPG
— Santiment (@santimentfeed) August 24, 2022
Continue reading: Binance, Mastercard Tie Up To Enable Payments In Cryptos Like Bitcoin, Ethereum, Dogecoin At 90M Stores
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