© Courtesy of BenzingaMajor currencies were in positive territory on Thursday evening as the global crypto market capitalization rose 2.2% to $859.6 billion at 7:14 pm EST.
| possibility | 24 hours | 7 days | PRICE |
|---|---|---|---|
| Bitcoin (CRYPTO: BTC) | 2.3% | 1.5% | $17,233.61 |
| Ethereum (crypto: ETH) | four% | 0.4% | $1281.08 |
| Dogecoin (CRYPTO: DOGE) | 2.9% | -3% | $0.10 |
| Cryptocurrency | % 24 hour change (+/-) | PRICE |
|---|---|---|
| Trust Wallet Token (TWT) | + 6.75% | $2.62 |
| Bitcoin SV (BSV) | +5.4% | $43.06 |
| Kava | +4.6% | $0.87 |
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Why it matters: Bitcoin and Ethereum followed stocks on Thursday. The S&P 500 and Nasdaq closed up 0.75% and 1.1%. At the time of writing, US futures were flat.
Investors are looking forward to the release of the Producer Price Index (PPI) on Friday and the Consumer Price Index (CPI) on Tuesday. While the PPI measures wholesale price inflation, the CPI is a measure of changes in the prices of goods and services purchased by households.
“Until we get some key price data and a FOMC decision, Bitcoin appears to be stuck in the spotlight at [$17,000]. After the FTX crash, there were no new developments in the cryptocurrency and it was a quiet period.” Edward Moya , ONDA, said a senior market analyst at
Michael van de Pop said he expects "[Bitcoin] will continue as long as we stay above $17,000."
The crypto trader said that Ethereum has received a “good response.” “We were waiting for help in this area, we received it and faced resistance,” van de Poep wrote on Twitter. If we maintain [lower lows] and continue, I think we will test the area around $1450.
Bitcoin investors exited $213 billion in losses last year, according to analytics firm Glassnode .
This compares to an annual profit of $455 billion in 2020-2021. This represents a relative capital loss of ~47% of bull market gains compared to the 2018 cycle.
Chartist Ali Martinez noted that 33 whales between 1,000 and 100,000 BTC left the network and redistributed 20,000 BTC ($344.34 million) in 96 hours.
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