Bitcoin and Ethereum rose Wednesday evening as the global cryptocurrency market cap increased 2.95% to $974.2 billion at 8.11 p.m. EDT.
|Cryptocurrency||24-Hour % Change (+/-)||Price|
|Curve DAO Token (CRV)||+12.4%||$1.17|
See Also: How To Get Free Crypto
Why It Matters: Cryptocurrencies were buoyant after risk assets staged a rally on Wednesday. The S&P 500 and Nasdaq spiked 1.8% and 2.1%, respectively, intraday.
However, stock futures were flat at the time of writing as investors await the latest jobless claims data due Thursday.
The dollar index, a measure of the greenback’s strength against a basket of six currencies, traded 0.08% lower at 109.75.
Cryptocurrency trader Justin Bennett said that the dollar index is “breaking down” from a rising wedge on its chart.
The $DXY is breaking down from this rising wedge.
— Justin Bennett (@JustinBennettFX) September 7, 2022
“109.30 is the next big test. But as long as we have dollar weakness, expect relief for [stocks] and [crypto],” Bennett said on Twitter.
Michaël van de Poppe said that a “beautiful retest” is underway on the total market capitalization on the 200-Week moving average.
If you’d ask me, then a beautiful retest is being made on the total market capitalization on the 200-Week MA.
Going as planned, so far. pic.twitter.com/OGyZcEobIl
— Michaël van de Poppe (@CryptoMichNL) September 7, 2022
“That implies a significant buying opportunity for you on the [crypto] markets as [the dollar index] is getting towards a climax too,” he said on Twitter.
September is a negative month for the apex coin if monthly returns are any indicator, with GlobalBlock analyst Marcus Sotiriou pointing out that Bitcoin has finished in the red in seven out of the past nine Septembers.
Bitcoin Monthly Returns — Courtesy GlobalBlock
“Bitcoin is already down by over 5% this month and 7 of the past Octobers have been green. Therefore, if Bitcoin’s seasonality over the past 9 years is anything to go by, then this fear could be resulting in a great buying opportunity,” said the analyst for the digital asset broker.
OANDA senior market analyst Craig Erlam said the risk environment indicated a “major headwind” for Bitcoin and that “the technical setup wasn’t looking any more promising.”
“The question now is whether we could see another spiral, as we so often have in the past, in the event that bitcoin breaks the summer lows around $17,500 to trade at late 2020 levels,” said Erlam, in a note seen by Benzinga.
CryptoQuant CEO Ki Young Ju tweeted that eight-year-old Bitcoin to the tune of 15,000 coins was moved across ten days, with some sent to the cryptocurrency exchange Kraken.
We demystified the secret of old $BTC whales who moved a significant amount of coins at previous tops.
— Ki Young Ju (@ki_young_ju) August 22, 2022
Ki said the community-driven analytics platform uncovered that the whales were likely early visionaries who had accumulated Bitcoin through mining and trading and coins coming from Cryptsy bitcoin exchange just before it was hacked.
Image and article originally from www.benzinga.com. Read the original article here.