Major coins were trading in the red on Monday evening as investors braced themselves ahead of the US Federal Reserve’s rate decision on Wednesday.
|cryptocurrency||Profit (+/-)||Price (recorded at 9:30 PM EST)|
What happened: Apex Cryptocurrency Bitcoin BTC/USD The day’s highest trading price rose to $28,459 on Monday, shortly after the Federal Reserve announced its partnership with five other major central banks to ensure a steady flow of the US dollar. However, the price experienced a downside correction towards $27,856.
Ethereum ETH/USD It was down 1.93% to change hands below $1,800. dog coin doge/usd It was trading at $0.071 with a loss of 4.56% in the last 24-hours.
At the time of writing, the global crypto market capitalization stood at $1.16 trillion, down 1.19% from the previous day.
US stocks jumped on Monday, led by the S&P 500 and Nasdaq Composite, amid growing signs that the banking crisis may be gradually easing. This comes after the Swiss government intervened and engineered the takeover credit suisse group C By UBS, The S&P 500 jumped 0.89%, while the Nasdaq Composite climbed 0.39%.
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news highlights, coinbase coin Signature Bank has reportedly stopped support for its Signet payments platform more than a week after New York regulators shut down the crypto-friendly institution. According to The Wall Street Journal, Coinbase users will not be able to use Signet to send funds outside of banking hours until further notice.
Analyst Note: “Bitcoin is rallying as Wall Street turns more aggressive in pricing in a Fed rate cut and banking sector concerns have driven some alternative investments away from traditional funding. In early trade higher than November lows. Bitcoin was close to $40,000,” said edward moyasenior market analyst Oanda,
crypto analyzer Michael van de Poppe made an important observation about bitcoin: “Nothing has changed today”, as it is simply “biting around.” The likely scenario would be that either a top forms in the $28,500 to $29,000 area or a final sweep lower toward $25,000, he said. If the latter happens, Van de Poppe suggests buying a bottom in that area to at least bounce.
popular crypto analyzer benjamin cowen offered a market outlook on bitcoin, examining where the popular digital asset could be headed before the next bull market truly begins. Cowen said that BTC could move slightly higher from its current price and consolidate in or above the $30,000 range before seeing a corrective move. His approach would involve BTC taking an “upside divergence” [at $30,000] Making a “high low” for a while, before rallying up.
On-chain data analytics platform Sentiment reported that the average return for bitcoin between long-term holders and short-term ‘new money’ investors has skyrocketed into positive territory for the first time in 14 months.
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