Bitcoin and ether Trading on the green Thursday evening, as the global cryptocurrency market cap rose 4.9% to $943.7 billion as of 8:19 p.m. EDT.
|coin||24 hours||7 days||Price|
|cryptocurrency||24-hour % change (+/-)||Price|
|NOT USED SED LEO (LION)||+14.1%||$4.92|
See also: How to get free crypto
Why it matters: Major cryptocurrencies moved in the opposite direction from stocks, which closed lower on Thursday.
The S&P 500 and Nasdaq closed up 0.8% and 1.4%, respectively. At the time of writing, US stock futures were seen marginally higher.
Meanwhile, 10-year Treasury yields rose from 4-month lows in early August as investors anticipate the US federal reserve will continue to maintain its hawkish stance and keep interest rates higher even if it hurts economic growth, Reuters reported.
The yield curve between the 2-year and 10-year Treasuries is the most inverted since 2000. The inversion reached negative 58 basis points, showing rising fears of an imminent recession.
“Bitcoin is doing well as the sell-off in the global bond market intensifies. Lately, it seems that if Wall Street sees Treasury yields soar and stocks sell off, Bitcoin would be significantly lower, but that’s not happening. Bitcoin may bottom if it can hold the $18,000 level despite this market volatility,” he said Edward Moyaa senior market analyst OANDAin a note Benzinga saw.
cryptocurrency trader Justin Bennett said that we will likely see some “bullish recalls” namely for bitcoin.
“I think everyone will have to wait a while for the big drop,” he said on Twitter.
We are likely to see some bullish callbacks at today’s close viz $BTC.
— Justin Bennett (@JustinBennettFX) 09/22/2022
cryptocurrency trader Michael van de Poppe said that the total cryptocurrency market cap has regained the 200-week moving average, which is positive for the markets.
total market capitalization for #crypto Regaining the 200 week MA.
That would be positive for the markets overall. pic.twitter.com/aUXkrsxmeI
— Michaël van de Poppe (@CryptoMichNL) 09/22/2022
Jon Haspela senior institutional trading partner at BlockFi, tweeted that regardless of the prevailing macro landscape, Ethereum is surging due to numerous factors such as: Ethereum Pow (ETHW) Trade.
Well, regardless of the macro landscape, numerous factors have influenced ETH’s pronounced selling pressure:
– Decreasing Whale Wallets: pictured by @santimentfeed
– Miner Selling: The transition to PoS reduces dependence on miners
– ETHW trade: long spot, short future trades resolved pic.twitter.com/OQcgLJq71q
— Jon Haspel (@jon_haspel) 09/22/2022
Meanwhile, the XRP/BTC price ratio hit a one-year high of 0.000025 amid optimism surrounding Ripple’s settlement of a dispute with the US Securities and Exchange Commissionsaid Santiment.
“Active shark and whale addresses hold 1m to 10m [XRP] have been in an accumulation pattern since late 2020,” the market research platform said on Twitter.
The price ratio of $XRP/ $BTC has hit a one-year high of 0.000025 on continued optimism of a possible settlement #ripple with the #SEC. Active shark and whale addresses from 1m to 10m $XRP have been in an accumulation pattern since late 2020. https://t.co/z0E12cpn4G pic.twitter.com/dnmQZVxfvO
— Santiment (@santimentfeed) 09/22/2022
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