The two largest cryptocurrencies traded in opposite directions on Thursday evening as the global cryptocurrency market capitalization fell 0.3% to $837.4 billion as of 8:11 p.m. EST.
| Piece of money | 24 hours | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 1.3% | -3.7% | $16,925.08 |
| Ethereum ETH/USD | -0.7% | 6.6% | $1,213.69 |
| Dogecoin DOGE/USD | -1% | -5% | $0.085 |
| Cryptocurrency | % change over 24 hours (+/-) | Price |
|---|---|---|
| Litecoin (TWT) | +9.6% | $63.33 |
| Arweave (RA) | 7.5% | $10.28 |
| ONCE BUT ONCE (LEO) | +4.5% | $4.04 |
See also: Best FTX Alternatives: How to Protect Your Crypto
Why is this important: Cryptocurrencies traded lower in tandem with stocks as the bear market rally on Wall Street stalled. The S&P 500 and Nasdaq ended Thursday down 0.3% and 0.35%, respectively.
On Thursday, the Federal Reserve Chairman of St. Louis Jim Bullard said rate hikes to date have not sufficiently reduced inflation. Meanwhile, initial weekly jobless claims remained light at around 220,000, matching consensus estimates.
The Fed’s Bullard noted that the policy rate is not yet ‘tightly enough’. He also highlighted a dovish scenario that could take the funds rate to 5% and a hawkish rate to 7%. Bullard said it is targeting a minimum of an additional 125 basis points in rate hikes, which would bring the target range to 5.00-5.25%,” said OANDA Senior Market Analyst. Edouard Moyain a note seen by Benzinga.
“Cryptos weaken as risk appetite just left the building. Today’s weakness is mainly attributed to exhaustion with the bear market rally propelling stocks,” the analyst said.
“A lot of bad news has been priced in, so it might take another major crypto tumble or a risk-cutting move on Wall Street to bring Bitcoin below its recent low.”
The next Federal Reserve policy meeting is scheduled in 26 days on December 13-14. According to data collected by the CME FedWatch Tool, 80.6% of interest rate traders expect a 50 basis point hike at the December meeting.
Screenshot of CME Group’s Fed Watch tool
Justin Bennett tweeted that “Anyone hoping for a pivot or even a break in rate hikes will be disappointed.” The trader said, “The Fed will rise until something breaks.”
I keep saying this, but anyone hoping for a pivot or even a break in rate hikes will be disappointed.
The Fed will rise until something breaks. https://t.co/ruftmCLp0H
— Justin Bennett (@JustinBennettFX) November 17, 2022
Meanwhile, the cryptocurrency market continues to assess the fall of Sam Bankman Fried-LEDs FTX and Search Alameda.
Trader in cryptocurrency Michael van de Poppe said: “This whole thing about FTX using client funds to buy properties, but also lending money for itself. It’s mental. But begins to explain how $8 billion suddenly disappeared completely.
This whole thing about FTX using client funds to buy properties, but also lending money for itself.
It’s mental.
But begins to explain how $8 billion suddenly disappeared completely.
—Michael van de Poppe (@CryptoMichNL) November 17, 2022
A senior chain analyst with glass knot said all of the Bitcoin that has flowed into exchanges since January 2018 has “now been withdrawn.”
“Self-care and punctual [Bitcoin] markets are back on the menu,” the analyst said.
With #Bitcoins simply inundated with trade, we now have a roughly 5-year high in sovereign supply of 87.7% of the total.
All $BTC which has been leaking in exchanges since January 2018, has now been withdrawn.
Self-guard and punctual driving #Bitcoins markets are back on the menu. pic.twitter.com/Kqr36SBBJC
— _Checkɱate (@_Checkmatey_) November 18, 2022
Read more : New FTX chief appalled by mismanagement of Crypto Exchange under Sam Bankman-Fried
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